Our Research

GTIS conducts macro research at the national, regional, submarket and individual asset level and seeks in-depth understanding of the value drivers that can contribute to superior risk adjusted returns. Through its proprietary research, GTIS provides:

  • White papers on emerging real estate topics
  • Market Commentaries on markets and sectors in Brazil and the United States
  • Quarterly Live Webinars
  • Editorials in Industry Publications
  • Fundamental Macro Research Analysis

Register below for access. Existing users can log in to view research.

Register Here

Research Highlights

Q1 2021 Brazil Macro

US Market Commentary – Prefab Construction

US Real Estate Update

Q1 2021 Brazil Macro

The COVID-19 situation in Brazil worsened throughout early 2021, with cases growing sharply and the healthcare system coming under increasing pressure. Vaccines, the most promising tool for combatting the pandemic, were initially in short supply. Since March 2021, however, the vaccination campaign has gained steam with over 30 million people in Brazil, or 14.4% of the population, receiving at least one dose by early May 2021. By mid-June 2021, that number had risen to about 55 million people or 27% of the population. Despite the volatility in the COVID-19 picture and economic backdrop, the residential housing market in São Paulo has remained remarkably resilient. Demand soared as mortgage rates plummeted.

US Market Commentary – Prefab Construction

Prefab construction represents the next stage in homebuilding innovation, fundamentally changing the actual process of building a home. While adoption remains low in the US, it looks poised to increase as several of the advantages of prefab versus traditional homes are exaggerated and the downsides are addressed. The two different categories of prefab, volumetric and panelized, come with a series of pros and cons that investors and builders should consider. At GTIS, we strive to be forward looking in our approach and are using a panelized wall system at one of our BTR developments in Phoenix. We saw a host of benefits associated with the product, like superior ESG, with less downside than many volumetric systems.

US Real Estate Update

After a lot of talk surrounding the “k-shaped” recovery, the sectors that lagged during the initial rebound in the US economy have shown promising signs of a turnaround. Restaurant bookings and airline travelers, two real time indicators of activity in sectors at the heart of the pandemic, have recovered sharply and in some markets are above pre-pandemic levels. In real estate markets, multifamily performance has been stable with moderate rent growth nationally. SFR continues to be a top performer, maintaining strong rent growth and occupancy even during the pandemic. Office has been more challenged, but the outlook is far better than feared as many business have rediscovered the value of an office in building culture, maintaining employee engagement and training employees. Industrial has been a clear winner before, during and after the pandemic as e-commerce trends, changes in inventory management practices, and shifting global supply chains have all given a boost to demand. Meanwhile in the housing market, demand that has greatly outpaced supply has driven record price appreciation nationally, with prices growing well above 15% in certain markets. Costs have been the main headwind for builders, but most of the increase has been passed to consumers and lumber shows signs of stabilizing.