Since the inception of the asset class, institutional investment in real estate has been characterized by an ever-expanding investment universe as more segments, sub-asset classes, and geographies become “investable” to institutional investors. This has been characterized by a repeated process of identifying new areas of investment, developing a process for accessing and investing, overcoming misconceptions, and building the infrastructure and expertise to successfully execute investments in the new areas.

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There is a common misconception in our industry that secondary and tertiary markets have less economic vibrancy and more volatility than primary markets, which runs counter to our 16 years of experience in these markets. In this analysis we compared primary markets in the Western US to secondary & tertiary markets over the last 20 year. The analysis underscores that secondary & tertiary markets in the Western US actually outperform primary markets in many key metrics (GDP growth, population growth, job growth, etc.) and with lower volatility.

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 This research piece analyzes real estate fundamentals in secondary and tertiary markets in the Western US  versus primary markets over the past 20 years, inclusive of the periods of economic stress (GFC, pandemic, current rate hike environment). Looking at key real estate metrics in workforce housing and industrial (rent growth, net absorption, vacancy, and valuation), it concludes that these markets have performed better than or consistent with primary markets during this time period, including through market downturns.

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This presentation was a part of the UC Berkeley Haas Executive Education program for public pension trustees entitled “Modern Investment Portfolio & Practice.” It provides an overview of private real estate’s role in a diversified portfolio, the three private real estate strategies, and their respective attributes and characteristics.

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Recent research contradicts the perception that investing in more institutional markets is more liquid and less volatile. Analysis demonstrates that liquidity in institutional markets, as viewed by asset size, is lower and more volatile than in less institutional asset sizes.

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This cut sheet provides a brief overview of how value-add real estate fits into a portfolio and operates very differently than traditional direct real estate investing or public REIT investing. It also touches on how Graceada Partners’ specific focus on secondary & tertiary markets adds value to a portfolio.

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As America’s population grows by roughly one million people each year, that doesn’t necessarily mean that city centers will grow at the same rate. The decade of the 2020s is expected to bring the U.S. population 5% higher, but not all cities and states will see the same growth. Not all cities are created equal.

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People are freer than ever to live and work where they please, which makes the answer to ‘Where do I want to be?’ one with an increasing number of possibilities for millions of professionals. The COVID-19 pandemic illuminated the fact that many jobs can be performed remotely—at least some of the time.

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It’s December 2021. We (hopefully) have a vaccine for coronavirus. But we’ve been through waves of sickness, months of shutdowns and slowdowns and hundreds of thousands of deaths. People have grown accustomed to working from home and having flexibility. Companies have shifted their models. Health and safety remain a top priority as companies prepare for any future pandemics. We’re back to some semblance of normalcy, but it’s no longer business as usual. What’s changed in the months since we first heard about coronavirus?

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