For the past three and a half years, it’s been easy to ignore listed global real estate as persistently elevated long end rates adversely impacted returns while at the same time other asset classes delivered significantly better returns. However, long term, it isn’t interest rates that determine listed global real estate returns. There’s been a slow-moving dynamic playing out within global real estate, which is setting up the sector for multi-period outperformance – an environment of dwindling or non-existent supply due to elevated construction costs, inflation and higher i...