Accelerated trends. Almost a year in for many, and the pandemic continues to exert its unprecedented influence across global real estate markets. It has accelerated a number of trends that were largely in motion already, widening the gap between real estate's winners and losers. Having been down ~20% for much of the second half of 2020 (itself a recovery from -41% at the March 2020 lows), recent vaccine news has seen a rally, with the global listed real estate sector standing now just 12% down year-to-date. Optimism has driven rotation. Following AstraZeneca's news, our Strategists now anticipate 35% global inoculation and close to effective herd immunity by year-end 2021, with pending vaccines additive.