US - The real estate investment trust (REITs) market remains in positive territory, despite its recent downturn, according to State Street Global Advisors (SSgA).
According to the fund management firm, REITs slid 3.56% in October following surprising resilience in the immediate aftermath of the September 11 attacks.
Overall the sector remains upbeat, with a total return of 3.31%.* SSgA’s sub-sector findings include the slacking of commercial real estate demand, and a weakening in multi-family landlords.
The hardest hit group has been the already weakened hoteliers, added SSgA. Retail sectors also softened but held up better than average following a dearth of new projects.
By Madhu Kalia
*Figures based on the Wilshire REIT Index
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