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During 2020, G-REITs experienced a once in a generation demand shock as many parts of the global economy were effectively shut down or endured severe restrictions on social mobility. Traditional property sectors such as office, discretionary retail and hotels faced significant challenges. But there were many winners - logistics property, data centres, cell towers, self-storage, and single-family rental actually saw demand and return profiles improve through the pandemic. With the vaccine roll-out progressing, G-REITs offer both cyclical and secular investment opportunities. The diversity within the G-REIT universe coupled with the liquidity of listed markets enables nimble investors to efficiently reallocate capital as risk/return outlooks change. Despite significant challenges during Covid, G-REIT earnings were more resilient than broader equities during the pandemic yet experienced some of their worst relative performance in decades. With new building supply and REIT balance sheets in good shape, G-REITs are well positioned as economies reopen and demand returns. Going back to the drawing board, now is the time for G-REITs.