Reit Magazine - March/April 2021 - 54

what's the industry mix look
like that we're investing in and
what do we believe the propensity to work from home versus
working at the office will be on a
go-forward basis.
For example, some cities
might have a larger percentage of healthcare workers in
physical offices. Similarly,

there are a lot of government
workers who are required to be
in their office buildings. Let's
look at a city like Tokyo, where
the average square footage of a
residential unit for a family of
four is maybe 600 square feet.
Now take Washington, D.C.,
where the average residential
unit for a family of four can be

up to quadruple that amount.
Naturally, the propensity for
workers in Washington to
continue working from home is
probably higher than it would
be for that same individual in
Tokyo.
Despite COVID's severe effect
on shopping centers and malls
short term, I believe there will

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54 |

reit

be a strong need for physical
stores going forward. And
instead of being a pure e-commerce environment, we're going
to be operating within the omni
channel distribution model.
Morgan Stanley is
heavily focused on
sustainable investing and
ESG initiatives. What are
some key things you want
to see companies doing?
There is significant focus on ESG
across the board in our industry.
Not just from the issuer's
perspective, but also from asset
managers and investors. We
need to continue to put policies
and procedures in place that
benefit the social wellbeing of
clients, employees, and tenants.
I'm very happy to say that
there were a lot of participants
on the healthcare, apartment,
and industrial side who created
funds specifically dedicated to
helping their employees, tenants
and clients during COVID by
either securing PPE for their
tenants to make sure that their
health and safety was an absolute
priority or providing rent relief
to tenants that could prove
COVID hardships. And this
was something voluntary, not
mandated.
I think the more focused
social impact a company can
have, which could lead to potentially sacrificing short term
financial gain for a longer-term
social benefit, is what companies need to be aiming for. We
also need continued transparency on ESG reporting and
awareness of what companies
are doing on the environmental
front. For example, what are
their carbon footprints and
emissions, or what waste management policies have they put
in place? We need to focus on
health and wellness, not just for
employees, but for tenants, and
the actual health and safety of
the physical buildings too.

Q


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Reit Magazine - March/April 2021

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Contents
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Reit Magazine - March/April 2021 - Contents
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