Gateway and Non-Gateway United States Office Markets: from "Either/Or" to "How Much of Each?"

  • ​​Adding non-Gateway markets to a Gateway market portfolio can achieve both higher yields and greater stability - similar to combining small-cap and large-cap stocks. 
  • Supply constrants, the very thing that many investors find so attractive in Gateway markets, actually makes them more volatile. 
  • Non-Gateway markets take longer to recover after a downturn, so investing in non-Gateway market should be done at the bottom of a cycle, not at or near the top. Put differently, non-Gateway assets should be bought when everyone is flocking to Gateway markets for safety, not when all investors have shifted from Gateway markets toward non-Gateway markets.

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