CRE Analyst的动态

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Insights from a real estate investment advisor... A few months ago, Callan presented an annual portfolio update to one of the largest pension funds in the world. Here's what Callan advised (in our words): -- Rates up, values down: Like trying to run with a backpack full of bricks, higher interest rates are squeezing real estate valuations. -- Demographic shifts: An aging population and a shrinking workforce mean real estate needs are shifting. Think more senior living and less traditional office space. The boomers aren't just retiring; they're changing the game. -- Tech Disruption: AI and biomed research are the hot tickets. If you’re not investing in life sciences and data centers, you’re missing the future. -- Traditional office space: No thanks. -- Climate change: Policy responses and migration are reshaping the landscape. Green buildings and office-to-residential conversions are getting a lot of attention. Obsolete buildings are the coal plants of real estate. -- Deglobalization: The world’s getting less global, and it’s impacting markets. Cold storage and job creation hotspots in the U.S. are heating up, while China is cooling off. -- Frozen capital: Capital markets have been in a deep freeze since the second half of 2022. Buyers, sellers, and lenders are all sidelined because of the wide bid-ask spread. -- Debt maturities: A tsunami of debt is maturing in 2023-2025, especially in office properties, which will put major pressure on lending markets and banks. -- Proposed strategy: Targeting $150 million to $250 million in new non-traditional growth investments. Think real estate debt and sectors with low capital expenditure needs. It’s all about smart, strategic plays. -- Debt market conditions: Loan sizes are shrinking, and lending practices are getting more conservative. The free-wheeling days of easy money are over.

Jonathan Twombly

Start your CRE investment business now ?? Multifamily and hotel owner since 2011 ?? Training CRE Pros to launch their own business since 2016 ?? Helping you invest passively in multifamily and hotel assets.

6 个月

The cure to the frozen capital market will ultimately be what it always is - sellers adjusting to reality, either willingly or unwillingly.

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