Executive SummaryBased on Q3 2025 cross‑asset comparisons, we believe U.S. CRE appears inexpensive relative to major U.S. equity indices, creating a potential attractive entry point as fundamentals firm and financial conditions ease. CRE appears to offer strong relative value vs. equities. Converting cap rates to implied “earnings multiples,” core sectors like industrial (~16x) and multifamily (~18x)…
Our annual 2025 Workforce and Affordable Housing Impact Report, highlighting the impacts and achievements of our strategy. Read the 2025 WFAH Report here
Executive SummaryPull factors continue to steer people and employers toward the Sunbelt, and we believe momentum will persist for many markets that have experienced consistent growth trends over the past decade. The Sunbelt still leads. From 2020–2024, Texas and Florida metros led 25–44 population gains, with annualized growth broadly consistent with the prior five years.1…
Executive SummaryHigher buying costs and fewer affordable options are keeping would‑be buyers in rentals. We believe multifamily occupancy rates could achieve high levels in many markets across the U.S. Owning a home has gotten pricier. Home prices, mortgage rates, insurance, and taxes have all risen materially. At the same time, affordability protections on roughly 900,000…
Executive SummaryOnline sales are outpacing stores, and we believe demographics and sticky consumer behavioral shifts are durable tailwinds that will continue to shape U.S. commercial real estate in favor of modern logistics asset infrastructure that facilitate evolving consumer trends. Structural shifts in demand: Over the past decade, U.S. e‑commerce grew ~14% annually versus ~4% for…
Executive SummaryU.S. reindustrialization is moving from promise to build‑out. Our review of more than 600 factory announcements over the past two years points to accelerating shovel‑ready activity and completions. We anticipate that this capex cycle will bolster demand for modern industrial real estate, high‑throughput last‑mile logistics, and supporting infrastructure. Completions: Since mid‑2023, nearly 200 modern…
Executive Summary U.S. multifamily is moving steadily to an expansion phase of the cycle. Our analysis of the 50 largest markets shows nearly half are already in Early Expansion—occupancy is above historical levels and rent growth momentum is accelerating. By mid 2026, we expect 40 of 50 markets to be in this phase, assuming absorption…
Executive Summary What Is the Fed’s Dual Mandate “The Federal Reserve works to promote a strong U.S. economy. Specifically, Congress has assigned the Fed to conduct the nation’s monetary policy to support the goals of maximum employment and stable prices. Those two goals are often referred to as the Fed’s ‘dual mandate.” i Policy Backdrop:…
Our educational resources provide insights into alternative investments and our strategies. Access our alternatives educational resources here.
Our midyear theme, Finding Clarity through the Clouds, reflects the beginning of a new upcycle of US commercial real estate, which requires finding signal through the noise. In the first half of 2025, we have seen meaningful shifts in macroeconomic conditions, global trade relationships, increasing geopolitical tensions and escalation of global conflicts. Read 2025 Midyear…
Current market valuations at the start of a new cycle present a compelling entry point. Read the Residential Rental Market Overview here
This Week’s Developments in the US Economy The Potential Impacts of Tariffs on Multifamily Portfolios Recent US tariff policies are seen by some as impacting multifamily operating costs, and thus a negative for the sector overall. Despite the near-term uncertainties about the impacts of tariffs, it may be easy for some to overlook that the…