Friday Letter

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.

How to move past an investment stalemate

A more volatile geopolitical and economic environment means investing with far greater precision than ever before.

Barings’ big bet is timed for success 

The purchase of Artemis Real Estate Partners expands the firm’s capabilities at a time many believe is the bottom of the market.

Ares wants to be a two-in-one manager for investors

Most managers raise either diversified or sector-specific real estate funds. Los Angeles-based Ares is looking to do both.

Managers have a slippery grip on a fundraising recovery

PERE’s Perspectives 2025 Study indicates sentiment around private real estate is improving among investors. But that does not mean they are ready to invest yet.

DeepSeek has changed the data center race

The disruption caused by the Chinese AI startup is a mixed blessing for a property sector that was becoming increasingly frothy.