Eric Antonio Figueroa

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Real estate has always had a special place in the heart of family offices And now family offices have spoken... they picked their #RE winners and losers for the next 12 months Winners: - 30% of family offices have reported that they plan to expand their exposure to residential real estate in the next 12 months - particular focus on multi-family residential backed by consistent rental growth - undersupply of US housing and ability to reset leases cited as reasons for bullish sentiment - 13% of FOs plan to increase exposure to industrial RE with continued interest in warehouses and logistics centers to support e-commerce and onshoring. Also interest in towers/data storage Loooosers: - only 7% of family offices looking to increase exposure to office space (12% looking to decrease). Feeling is that tenants are opting for newer tech-enabled spaces) - 4% looking to increase exposure in retail (10% looking to decrease). FOs cite rise of e-commerce as reason for demise of retail sector - there is interest in private lending in office/retail as higher rates and tighter lending standards kick in. Opportunistic deals on private credit could be the silver lining for FOs in the space #retwit ... are family offices getting it right? source: Goldman Sachs 2023