Content (22)
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White papersMIM Public Market Signals for Private Real Estate Investors Part II: Risk Assessment
Housing supply is tight in the Midwest and Northeast; inventory is building up in the Sun Belt
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White papersMIM U.S. Housing Chartbook September 2025
Housing supply is tight in the Midwest and Northeast; inventory is building up in the Sun Belt
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White papersChicago Multifamily: Fundamentals Outpacing Perceptions
Nationally, commercial real estate total returns declined by an average of 3.4% annually from the 2022 peak through 1Q 2025 (Exhibit 1), primarily due to the Federal Reserve’s rate hikes. While these macro headwinds have affected all markets, our attention is now shifting to local supply-and-demand fundamentals, which will increasingly determine performance. In this context, Chicago’s multifamily sector stands out: After years of underperformance, it now appears poised to close — and potentially reverse — its valuation gap relative to peers.
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White papersPublic Market Signals for Private CRE Investors: Monitoring Pricing in an Uncertain Market
In today’s volatile financial markets, private commercial real estate investors face a fundamental challenge: market opacity makes real-time pricing hard to gauge. This report argues that investors should pay closer attention to public market signals — such as corporate bond yields and short-term Treasury rates — as timely indicators of real estate pricing, even though bridging public and private markets is difficult in practice.
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White papersCold Storage: A Niche Property Heating Up
The cold storage sector was viewed as a non-institutional property type for most of the last century, but that view has changed in the last 15 years. Institutional capital began to gravitate toward the sector in a meaningful way beginning in the early 2010s, and that process has accelerated in recent years. Since 2015, cold storage transactions accounted for only 0.4% of total commercial real estate investment activity in dollar terms.
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White papers2025 Real Estate Outlook: Tipping Point
The post-COVID years have been characterized by dramatic shifts in economic conditions, capital markets and the geopolitical landscape. No two years have been quite the same, and uncertainty in the outlook for the economy in general, and commercial real estate in particular, has been historically elevated.
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White papersPitfalls & Mitigants of Climate Assessment Software
Physical climate risk incorporates two broad hazard categorizations: acute and chronic. Climate risk software and analysis tools typically forecast each hazard individually and across multiple timeframes and scenarios.
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White papersRelative Value & Tactical Asset Allocation Q3 2024
We are not expecting a U.S. recession in 2024. We are looking for credit spreads to remain rangebound in the near future, and we prefer high carry while considering downside risks. Consumers and housing fundamentals continued to be solid, while CLOs fundamentals weakened further. Commercial real estate fundamentals are stable, but performance divergences are wide. We are neutral for both corporate equity and cash investments.
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White papersAre We There Yet? The Road to Recovery for CRE
Stickier than expected inflation and robust economic activity have delayed and diminished expectations for rate cuts in 2024.
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White papersReal Estate Debt: Navigating the New Frontier
The Fed’s campaign against inflation, changes in bank regulations and stress in the office sector have collectively created an attractive investment environment for real estate debt investors, in our view. Commercial mortgages are offering yields not seen since the Global Financial Crisis (GFC). While capital market conditions are operating effectively for low-risk mortgages, they remain mostly dislocated for higher-risk mortgages, thereby presenting compelling investment opportunities.
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White papersDecarbonization Metrics for Real Estate Investment: Goal Setting for a Portfolio in the Context of Absolute vs. Intensity Metrics
While there is not a one-size-fits-all approach to track progress toward reducing emissions, due to the complexities of real estate portfolios, we believe intensity-based metrics offer a more flexible and reliable method for tracking decarbonization progress than absolute targets for reasons discussed in this paper.
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White papersThe Case for a U.S. Productivity Boom
The economy in any single year is subject to the vagaries of chance and, as such, can be “noisy”. Near-term volatility that exerts short-term stress into markets may be front of mind for most investors, but it is long-term trends that provide us with the best view of the future, especially for those with long investment horizons.
