Family offices and HNWs don't have the same constraints as institutional investors; for one they can afford to take a very long term view.

Pre-Covid the competitiveness of capital was high and many HNWs and family offices couldn't compete against the institutional players especially for the larger deals. Covid has changed that.

Given the relative stability that real estate offers compared to say equities, one should expect to see many more HNWs and family offices being the successful bidders for new assets coming onto the market.