The Globe and Mail reports in its Tuesday, Dec. 9, edition that five years after COVID-19, Canada's real estate industry still struggles, according to National Bank analysts Matt Kornack and Giuliano Thornhill. The Globe's David Leeder writes in the Eye On Equities column that the analysts note that the pandemic's long-lasting effects mean some winners are affected by previous supply in a zero interest rate environment, while others are recovering from pandemic-related weaknesses. The analysts say in a note: "The REIT index is up slightly year-to-date (approximately 1 per cent vs. expected earnings growth of 5 per cent for our coverage) having posted fairly flat performance over the last two years but still well off 2020-2022 peak levels when the interest rate environment was more supportive and fundamentals (driven in part by strong demographic growth) were healthy." The analysts predict 2026 and 2027 are "still likely to be transition years" across the industry with investors expected to be "focused on signs of an inflection (positive or negative)." Mr. Kornack and Mr. Thornhill continue to rate Dream Office REIT "sector perform." They cut their unit target to $19 from $20. Analysts on average target the units at $19.75.