Content (55)
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White papersCRE’s recovery masks a widening divide
The CRE recovery remains intact, but the headline obscures an increasingly uneven landscape. A 144 basis point spread between the top and bottom quartiles of NPI returns in 1Q26 underscores the extent of this divergence. With limited scope for further cap rate compression, NOI growth is likely to be the primary driver of returns this cycle. For the first time in 30 years, alpha will likely be earned, not given, through disciplined property and market selection paired with operational execution.
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White papers2026 Mid-year update: Inside Real Estate Outlook
Amid geopolitical volatility and shifting macro crosscurrents, the CRE recovery is intact - but uneven, with wider dispersion than headlines reveal. This creates a market that is ripe for alpha discovery through careful property, market, and fund selection.
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White papersPrivate markets offer financing solutions during periods of geopolitical transition
Private markets have long financed infrastructure, but their role may be becoming more important as geopolitical transition reshapes global priorities. As countries place greater value on strategic physical assets, private capital is likely to play an increasingly important role in funding critical infrastructure and other public goods.
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White papersFive forces shaping the data center investment landscape
The data center investment landscape is being shaped by five structural forces that are redefining risk, returns, and execution across the sector, click here to see them all.
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White papersHeadline ODCE returns mask a selection-driven cycle
Performance across core real estate funds, as reported by ODCE indices, improved in 1Q26, but the underlying story remains one of divergence rather than uniform recovery. Europe outperformed the U.S., though for different reasons: U.S. returns are still income-led, while Europe is increasingly benefiting from recovering capital appreciation.
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White papersWhere real estate meets infrastructure: The evolution of data center investing
Discover our examination of how data centers have evolved from a niche real estate sector into a critical, infrastructure‑like asset class, driven by cloud computing, AI, and global digitalization. Our analysis highlights the structural demand tailwinds, power and supply constraints, and investment implications shaping data center markets today.
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White papersCommercial real estate: Early-cycle advantage as investors reevaluate private credit
Commercial real estate (CRE) is drawing renewed attention as investors reassess allocations amid rising concerns about the durability of private credit returns. Slowing earnings growth, elevated leverage, and tighter refinancing conditions have raised questions about the performance trajectory of some private credit strategies…
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White papersCommercial real estate in the age of AI
Artificial intelligence is poised to reshape commercial real estate by increasing demand for data centers, digital infrastructure, and energy-intensive facilities. At the same time, AI-driven analytics could improve property management, leasing strategies, and operational efficiency across real estate portfolios.
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White papersCRE debt: A strategic complement in private markets
Commercial real estate debt is gaining traction as a complementary strategy within private markets, offering attractive risk-adjusted returns and downside protection. In a higher-rate environment, lenders can benefit from improved loan pricing and stronger borrower demand for alternative financing.
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White papersREIT market perspectives December 2025
This outlook provides a broad assessment of listed real estate (REIT) market dynamics for December 2025, positioning REITs as a targeted real-estate exposure that can complement traditional equity and fixed-income allocations.
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White papersFrom alternative to essential: The expanding role of private market investing
The article argues that private-market real-estate investing is evolving from a niche alternative to a core pillar of diversified portfolios — driven by structural shifts, yield challenges in public markets, and growing investor demand for unlisted real-estate exposure.
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White papersLifting the veil on headline CRE returns: A market ripe for alpha
It posits that headline CRE return metrics may mask underlying dispersion — creating opportunities for active investors to generate “alpha” by selectively targeting under-appreciated assets in a changing macro and financing environment.
