Real estate is a good hedge for inflation. If only it was this simple. Sadly, not all real estate is created equal, and not all inflation is created equal. With inflation rising and economic growth slowing, it is important to understand some of the geographical and sectoral idiosyncrasies that will underpin the relative performance of real estate assets, especially if inflation proves to be less ‘transitory’ than we’re told. Defined as continuing for only a short period of time, ‘transitory’ has become the defining adjective used by policymakers to describe the current inflationary environment, and the focal point for an increasingly partisan debate on whether they are right or wrong (for those who follow such things). Inflation ‘hawks’ point to the massive monetary and fiscal stimulus mobilised in the aftermath of covid-19, and highlight wage data as evidence that inflation is becoming entrenched.