Multifamily has the supply wave still working through, industrial had its moment and cap rates show it. For fresh capital with a 2-3 year hold, which sector has the better risk-adjusted entry today? Genuinely torn and the committee wants a view by Friday.
Leaning multifamily on the entry. The supply wave is the pain you can see and underwrite; industrial cap rates already priced the good news.
Industrial if you believe the reshoring story has legs past the headlines. Otherwise multifamily. Depends entirely on your macro view, which is a coward's answer I know.
Cap rates tortured until they confess, exit assumptions that age like milk, and the hybrid worker who isn’t coming back.
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