While US equity REITs are a long way from discounting the “best of times” for US commercial real estate (CRE) over the coming quarters, listed real estate stocks in Europe appear braced for something not far off the “worst of times”. That is a difference we find hard to square with our own outlook for CRE in the two regions. The greater degree of pessimism that already seems discounted in Europe could imply larger downside risks for US equity REITs, as CRE on both sides of the Atlantic remains under pressure.
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