Insurers favor warehouse investments over offices as pandemic hastens real estate shifts

Global insurers want to increase investments in commercial warehouses as their stakes in office space become riskier because of employees working remotely during the novel coronavirus pandemic, Goldman Sachs Asset Management (GSAM) executives said.

FILE PHOTO: Mike Siegel, Global Head of GSAM Insurance Asset Management, part of Goldman Sachs Asset Management, speaks at the company's headquarters in New York, NY, U.S., April 23, 2018. REUTERS/Suzanne Barlyn/File Photo

The executives spoke during a briefing about results on Thursday for an annual GSAM survey about insurers’ investments. Worries about COVID-19, the disease caused by the novel coronavirus, have also increased demand for warehouse space as business moves to e-commerce sites and consumers avoid making trips to brick-and-mortar stores.

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