Why do owners exclusively buy some property types and not others?

Question 1 - "If you buy and develop multifamily and retail, why not office, and vice-a-versa?" 1. Expertise of a Product Type 2. High Quality Deal Flow 3. Investor Risk Appetite - Certain Product Types come with certain risk profiles. (E.g. Hospitality is typically viewed as 'more risky' and therefore investors with lower tolerances for risk such as Pension Funds may look to avoid that product type). 4. Buyer Access to Capital - Certain Assets are less expensive on average. Easier for your average RE Analyst to buy a Duplex than an Office Building. 5. Product Type Appeal - Listen. To many, Real Estate is an ego-driven business. Many people like owning something new, or sexy, or both. That's why many are driven to: (1) Development, (2) Trophy Buildings, (3) Hospitality, (4) Luxury Retail. These things are sexy and are things that even the layman knows about. For example, my girlfriend doesn't know or give a damn about the light industrial portfolio we own that's printing a 20% C-o-C, but she certainly knows the moment the new Eataly is going to open (tonight) in the Century City Mall.

Question 2 - "When would it make sense to own without self-managing?" 1. When the time required to manage it is worth more to you than the money that you pay to a manager or vice versa. 2. When a third-party managers ability to manage versus your own would net higher returns to your investment.