Real Estate follows a risk-on / rotational playbook, as notable strength in Office, Retail, and Multi-Family comes at the expense of Data Center and Industrial operators. With Office collectively ~33% higher since a) Pfizer’s initial vaccine efficacy data was released and subsequently b) generalist interest piquing in these “untapped re-opening beneficiaries”, the most frequently asked question continues to be “where does the next catalyst stem from?”

Is it a "flash in the pan" or a taste of what is going to come?