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Investing.com -- JP Morgan analysts believe the real estate sector is approaching a turning point, suggesting investors position early for 2026 despite low expectations for the upcoming mid-November reporting season.
The bank notes that the March-September reporting period experienced slowed underlying capital growth while occupier and transaction activity was hindered by macroeconomic uncertainty.
However, JP Morgan points out encouraging signs in the market, including shares bouncing off lows with SEGRO up 8%.
Positive newsflow cited by the bank includes Landsec’s CMD, SEGRO National Markets Tour, Grainger Trading Update, current trends in European Self Storage, and increasing pending big-ticket London office sales.
JP Morgan calculates significant upside potential of 28% based on current share prices and expects the sector to move quickly upon re-engagement.
For early positioning ahead of 2026, JP Morgan expresses conviction on Great Portland Estates (GPE) and Big Yellow with Overweight ratings, while maintaining a more cautious Neutral stance on Landsec and British Land, though acknowledging valuations aren’t stretched.
Looking toward 2026, JP Morgan believes industrial players are particularly well-positioned, highlighting SEGRO, Tritax Big Box, and LMP with Overweight ratings.