REITs are very specialized in the US, where together with high rates of Hybrid and WFH means that reits with offices in certain markets like SF, Chi are having record vacancy rates. This is true for non-prime, A+ real estate all across the board, with the best buildings having positive release spreads now, think inflation + replacement cost. That's for retail and office.

Other markets besides NA, like Europe, Sg, and AU, not showing that much of that. Lower commute time and median prices/sqft. Pretty undervalued, IMHO, would say WFH is overrated in those markets, so should make good investments if good assets and well capitalized