Across the various subsectors, REITs remain on the trajectories that began in the fourth quarter of 2021 as the industry looks to a post-COVID-19 recovery.

Houston ended 2020 with a 24 percent office vacancy rate, the highest of any major U.S. city, according to JLL.

“It used to be an alterative asset class. Now people look at it as a solution,” says Michael Carey, a senior director for advisory firm Altus Group.