Each year the Oxford English Dictionary chooses a word/phrase of the year which has emerged into the public consciousness and common usage. Last year it was “Goblin mode”. The formal definition is “a type of behaviour which is unapologetically self-indulgent, lazy, slovenly, or greedy, typically in a way that rejects social norms or expectations.” The phrase gained traction due to 1) the common experience people had of emerging from the pandemic and their changed behavioural (and sartorial) norms, and 2) a reactionary movement against the alleged perfect lives posted on social media. That said it also resonated powerfully with anyone who has teenage children…

There isn’t a separate category for word/phrase of the year for real estate, but if there was, at this early stage of the year, based on topicality, relevance and occurrence in recent conversations, I would propose “Stranded asset”.

My definition would be:

“A real estate asset, owned for investment purposes by an institution, which is no longer deemed fit for purpose. As it now falls outside traditional long term institutional investment criteria, it therefore appeals only to a reduced number of buyers, and commands a discount to previous valuation over and above any adjustments for general market movements.”

This may be due to one, or combination of, the following factors: