Washington Real Estate Investment Trust (WashREIT) is gradually morphing into a multifamily-anchored landlord in the sizzling Washington, D.C. market. Yet some REIT analysts remain skeptical of how WashREIT is executing that transformation. The D.C.-based REIT continues to pare its retail and office holdings as it bolsters its emphasis on class-B multifamily acquisitions, development and redevelopment. The REIT has already exited the flex industrial and medical office sectors.

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The big question is how will that uncertainty impact investor and developer behavior? “We saw a dip in industrial sales in second quarter of 2019,” says Ryan Severino, chief economist with real estate services firm JLL. “We need to see another quarter to understand if it means anything, but uncertainty makes companies circumspect about the future.” One downside is that the lower interest rates will make industrial assets more valuable at a time when high pricing is already having a negative impact on sales, he notes. 

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