"I don't think we've seen a rush into real estate yet because of fears of inflation," said Wells Fargo economist Mark Vitner.
The stop-and-go tempo of reopenings and new restrictions is casting doubt on the recovery of hotels and leisure properties, for example.More than 16 months after the first shutdowns, it's still not clear what long-term effects work-from-home will have on office markets.
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Across eight inflationary spikes going back to the early 1970s, REITs notched average total returns of 24 percent, according to Green Street Advisors, compared to the 15 percent return delivered by the S&P 500 over that same period.Inflation over that window was 11 percent.
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REITs lagged behind stocks in one of those eight periods and failed to outpace inflation during three of them, according to Green Street.
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The argument for real estate is that when leases reset, landlords can often pass along the increases in their operating costs by raising rents at a time when wages are also increasing.
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