Welcome to the final edition of the INREV IQ magazine for 2020. This year will be one that most of us remember for a long time, though probably without too much affection.
From INREV’s viewpoint, the coronavirus pandemic has presented many challenges to our organisation and the non-listed real estate industry, both in its impact on economies and markets and the way we have all had to work.
Yet I feel we can be proud of our industry’s resilience in these exceptional circumstances. In part this is because of the more open and supportive culture that has emerged in European real estate, with a strong sense of responsibility toward our environment, and our social and financial results. Here at INREV we adapted to conditions as the pandemic took hold, for instance tailoring the information we provide to members with more frequent market updates, a market impact and update seminars, and other more specific COVID-19 impact related content.
I feel we can be proud of our industry’s resilience in these exceptional circumstances
We also modified our events in response to the pandemic. As reported later in this IQ, the 2020 Annual Conference was the first to be held online and attracted a record audience of almost 650 members. Although the virtual format wasn’t what we had planned, one major advantage was opening it up to many more members, with 24% of those attending an INREV event for the first time including young professionals and those based outside Europe. Online training courses also took off; traditional class-room training courses were quickly brought online, and we launched the first full eLearning course. Like many of you, we do hope to resume face-to-face events next year, given the importance of networking in our industry.
Like many of you, we do hope to resume face-to-face events next year, given the importance of networking in our industry.
In this edition we look at whether pandemic working practices have brought the office sector to a turning point and the growing importance of diversification in non-listed strategies, which could be key as the pandemic’s effects unfold. In the member profile, Keith O’Donnell shares some of the tax committee’s many successes under his chairmanship, including the new code of tax conduct. On a regulatory theme, we discuss the highly anticipated AIFMD review and the upcoming Brexit deadline, both with many implications for real estate investors. And also looking to the future, we highlight the ongoing Asset Level Index Sustainability pilot, which aims to forge an understanding of how ESG factors impact real estate returns.
While 2020 has been a challenge, we are ready for the new year. In January, we’ll be launching the Business Plan where you can learn more about INREV’s priorities over the next three years. For now, I hope you enjoy reading this edition of INREV IQ.