Investors are getting antsy about commercial property. As working and social habits are upended by COVID, businesses are reappraising how much office space they need, while shopping centres, cinemas, and restaurants and other food outlets have seen footfall drop from a continuous heavy drumming to a light patter. On the other hand, investors with overweights to warehousing linked to online trade must be feeling quite pleased with themselves—as indicated by Ocado’s share price more or less doubling year to date. There will be winners and losers in the commercial property stakes—but arguably more of the latter. Hence the nervousness, with

The latest headlines about property funds in the UK seem to indicate the herd behavior of investors may lead to the next shake up of the fund industry in Europe. The M&G Property Portfolio fund became the first fund product to be gated because it couldn’t meet the demand for share redemptions. This all happened after the GAM scandal and the resultant pressure that was put on fund liquidity for some alternative UCITS funds, as well as the gating of the Woodford Equity Income Fund. On one hand, it is understandable that professional fund selectors sell their holdings in funds