There are various ASX dividend stocks that I'd be comfortable buying during a bear market because of the appealing longer-term dividend yields that can be available during that period.
But, I wouldn't choose to buy an ASX discretionary retail share when the economy is booming. Economic conditions are likely to change at some point.
There are a few names, particularly listed investment companies (LICs), that I've highlighted as opportunities in the past that could be good buys in any market.
But, I also want to highlight a business in the real estate investment trust (REIT) sector which has strong, ongoing rental demand – it's not cyclical. I'd be willing to invest in it in any market, particularly right now.
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Centuria Industrial REIT (ASX: CIP)
This ASX dividend stock is focused on owning a portfolio of industrial properties across Australia. Those properties are in a few different areas including distribution centres (42% of the portfolio), manufacturing and production (24%), transport logistics (14%) and data centres (12%).
The ASX dividend stock has a number of high-quality tenants, with 92% of those being listed, multinational or national tenant customers. Some of its largest tenants by rental income include Telstra Group Ltd (ASX: TLS), Woolworths Group Ltd (ASX: WOW), Arnott's, AWH, Visy and Fantastic Furniture.
Pleasingly, its income is locked in for a long time – in the FY26 half-year result, it reported a weighted average lease expiry (WALE) of around seven years. That income visibility and security give me confidence that this is a good business to own for the long term.
There are a number of tailwinds that are helping sustain and grow the rental potential and underlying value of the properties.
Those tailwinds include a growing Australian population, increasing e-commerce adoption, fresh food and pharmaceutical demand (for refrigerated space), increasing data centre, a high cost (and limited supply) of building additional industrial properties, and onshoring of supply chains.
The ongoing growth of demand is helping push up its rental earnings. In the HY26 period, it saw 5.1% like-for-like net operating income (NOI) growth, which I'd describe as very compelling growth for a REIT.
Great time to buy in the ASX dividend stock
The ASX dividend stock is expecting to grow its distribution per unit by 3% in FY26 to 16.8 cents, which translates into a distribution yield of 5.7% at the time of writing.
If the interest rate decreases and the REIT unit price increases, I think it would be just as compelling to buy, because a lower yield would still seem attractive to me (with growth potential) compared to what we could get from a bank account.
It's currently trading at a discount of around 25% to the net tangible assets (NTA) of $3.95 as at 31 December 2025. This looks like a great time to invest, in my view.
