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10 May 2024
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The real estate industry, traditionally characterised by its cautious adoption of new technologies, is now at a pivotal juncture. The emergence of AI promises to fundamentally change the way we live, work, and play.
Charter Hall has rising margins, decreasing capital requirements, proven earnings growth, and business quality. 2024 earnings guidance is conservative, yet the company trades at a large discount to the ASX 200.
Work-from-home and higher interest rates have whacked the office property sector, both here and abroad. Yet Australia is well-placed to adapt given its resilient demand drivers, quality of stock and sensible gearing levels.
Many Australian listed property trusts (A-REITs) have sold off due to higher interest rates and WFH, but in the sectors of retail, office and industrial, where do recent movements in stock prices now represent value?
Most people are returning to their offices, often three days a week with flexibility. The trend to premium offices supports health and lifestyles, while office designs focus more on collaboration and social spaces.
The pandemic profoundly impacted the way we use real estate but in a post-pandemic environment, tenant preferences and behaviours are now providing more certainty to the outlook of our major real estate sectors.
Employees value WFH flexibility but they also enjoy and benefit from the office environment. Businesses will need to adapt but tenants say office work remains essential for productivity, culture, risk and driving innovation.
As people stayed home during the pandemic, a bearish view swept over most property sectors, but many have thrived and prices have recovered rapidly. The best opportunities are in long leases with quality tenants.
Many listed property stocks were hard hit by COVID, especially in retail, but foot traffic outside Victoria has held up relatively well. Some sectors are now good value for the recovery and less working from home.
Although most office workers are currently WFH, an energy and a buzz comes from working in the same physical space. Other benefits include team building, relationships, talent mentoring and creative collaboration.
Even when the virus is finally contained, the business landscape will look very different. A critical issue is the ability of consumers to find product substitutes. Many people like what they find.
The property market is far from homogeneous, and investors should consider different impacts on residential, office and retail sectors. Is Myer a bellwether for retail changes?