• Property types most impacted by COVID – HotelsSeniors HousingRetail and Office
  • Summer travel surge supported Hotel recovery; Bifurcation evident depending on the segment
    • – Buy-side sentiment at 9-year high as investors pursue an opportunity
  • Seniors Housing is on a slower path to recovery, but trending in the right direction
    • – Consolidation by large operators driving much of the investment activity
  • Like Hotels, Retail sector facing steep bifurcation, but elevated consumer spending is positive
    • – Necessity-based centers doing well while in-person retailers & older indoor malls struggling
  • Office sector outlook still shrouded in uncertainty; COVID containment and future of WFH key
    • – Absorption turned positive in 2Q 2021, but Delta surge and return to work delays damaging
  • Although these asset classes faced hardship over the last year, opportunities still exist
  • Some investors opting to consolidate or pursue value-add/adaptive reuse investments