2022 Global Public Real Estate Outlook Report

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As we look to 2022, we see REITs well positioned to serve an inflation hedging role while benefiting from a continued recovery in operating fundamentals and above trend economic growth. We see earnings growth as the primary driver of share price performance with specialty property-types offering attractive secular growth opportunities. We expect 2022 to be another solid year for the global economy with consensus forecasts calling for global real GDP growth of +4.4%. Although the pace of economic activity will be slower in 2022 than 2021, growth will still be +30% higher than the pre-COVID time frame from 2014 to 2019. J.P. Morgan estimates that developed market GDP will reach its pre-COVID mark before the end of 2022. For reference, it took eight years of expansion to reach prior peak GDP following the Great Financial Crisis.