Friday Letter

The US is starting to lose its luster for real estate investors

Tariffs are driving investors away from the world’s largest property market – which has been a boon for managers targeting other regions.

Blackstone changed the way it creates platforms for a key reason

Amid a shifting geopolitical landscape, the mega manager is taking a different approach to how it sets up its logistics businesses.

Real estate secondaries are set to thrive in ‘25 

US President Donald Trump’s policies have positioned the real estate secondaries market for a banner year of activity.

There is still room for new real estate debt fund managers

Despite the lack of deal volume and build-up of dry powder in the sector, there remain parts of the market where borrowing needs are not being met.

Will the early fundraising recovery be short-lived?

Although PERE’s Q1 2025 data has encouraging takeaways, tariff-driven uncertainty means it is still too early to celebrate.

Leadership changes are mostly staying in-house – for good reason

While top-level appointments typically involve internal promotions or external hires, recent moves have favored the former.

To get ahead in Asia, one needs to go local

Madison International’s and Blackstone’s expansions in the region underscore the growing importance of having ‘boots on the ground.’

The San Francisco office market is showing signs of bottoming 

Improving leasing and capital markets conditions are spelling the end of the so-called doom loop.

Private real estate’s attention is refocusing on Europe

As economic turmoil threatens to engulf North America, Europe is poised to attract more capital in the new real estate market cycle.

The jury is still out on data centers

While not everyone is on board the fastest-moving train in private real estate, some just need a little more time to see where it is headed.