This white collar expertise started to form in larger conurbations – cities. Crucially, the bankers, lawyers and accountants who facilitated this financing did not need to be near to these factories. This has profound implications for where we live and how we use buildings.Īs the world industrialised in the mid 19th century, the new factories required capital formation in order to grow. We think the world is changing at a rate that has not been witnessed since the Industrial Revolution. Where it is possible to provide an outlook, however, is relating to our area of expertise: investing in specific cities and in specific real estate sub-sectors. It is simply too hard to know where positive or negative news might come from and how markets will then react to that news. ![]() An outlook that incorporates a view on the global economy is highly likely to be wrong.
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