Tariffs, trade wars, and tightening markets - insights from GRI’s Global Chairmen’s Retreat 2025
GRI Club Europe
High-level content and networking, shaping the present and future of the real estate market
As global real estate enters a new market cycle, top decision makers in the industry recently gathered at the GRI Global Chairmen’s Retreat 2025 in St. Moritz to assess the forces shaping investment strategies, capital markets, and asset class performance.?
Amid economic and geopolitical uncertainty, the discussions revealed a sector adapting rapidly - and now we’re pleased to share our full report on all of the takeaways from these industry leaders.
?? Trump’s Trade Policies - Risk or Reward?
With Donald Trump back in office, investors are weighing the impact of tariffs, trade tensions, and fiscal expansion. While 59% see opportunities, particularly in distressed assets and capital inflows to Europe, 35% remain cautious about potential market disruptions.
?? Investment Outlook - Stability or Structural Shift?
Despite global volatility, European real estate remains resilient, with logistics, data centres, and prime offices continuing to attract capital, but rising financing costs and changing demand patterns demand a more strategic, selective approach.
?? Debt vs Equity - Where Investors Stand
With higher interest rates tightening liquidity, 52% of participants see this as a prime time for equity investment, while 42% favour a mixed debt strategy. Private credit dominates UK financing, while sovereign wealth funds and APAC investors step in to bridge funding gaps.
?? Market Sentiment - Uncertainty Meets Opportunity
Real estate remains at a crossroads as inflation, interest rates, and geopolitical turbulence reshape decision-making. Living, logistics, and operational real estate continue to show resilience, while investors look for ways to hedge against shifting economic conditions.
With insider perspectives from top executives, this year’s GRI Chairmen’s Retreat offered exclusive insights into macroeconomic trends, financing conditions, and emerging risks that will define the year ahead.
Europe’s economic crossroads in the age of Trump
Europe is feeling the impact of Donald Trump’s trade and security policies, with markets reacting sharply to growing uncertainty as the EU braces for tariff hikes and investors are unsettled by rising German bond yields, potential EU steel import curbs, and hawkish ECB signals.?
?? On Wednesday (19th), the STOXX 600 saw its biggest drop of 2025, falling 0.9%, as Trump threatened 25% tariffs on European autos, semiconductors, and pharmaceuticals, while UK inflation rose to 3% in January, complicating the Bank of England’s interest rate strategy as growth remains sluggish.
Although European equities have outperformed US indices this year, with fund managers increasingly bullish, some analysts warn the rally is driven more by sentiment than fundamentals.?
?? Meanwhile, US signals of a reduced role in NATO force European leaders to respond to mounting pressure for increased military spending, further exacerbating the EU’s economic woes.
Concurrently, former ECB president and ex-Italian prime minister, Mario Draghi, warns that Europe’s competitiveness crisis is self-inflicted, with high internal barriers and weak demand exacerbating economic stagnation.?
?? Amid escalating tensions, analysts caution that China stands to gain if transatlantic ties continue to fray. With Trump withdrawing from international agreements and prioritising “America First” trade policies, Europe risks being left more vulnerable.?
As markets adjust to these shifts, GRI Club’s latest video explores the impact of Trump’s policies on economic and geopolitical strategy and breaks down the data, trends, and key insights shaping Europe’s property sector in this new political landscape.
GRI Club Women: Shaping the Future of Leadership
At GRI Club, we recognise that leadership is about vision, strategy, and impact.?
?? Through the GRI Women 50/50 Initiative, we have strengthened the presence of female C-level executives in real estate and infrastructure sectors across Europe and the UK.
With women’s leadership representation rising from 9.87% in 2020 to 18.26% in 2025, they are bringing decisive expertise and strategic insight, making these professionals essential drivers of business success.
?? From exclusive Women Leading Real Estate Club Meetings to private networking opportunities, GRI Club fosters an ecosystem where female executives can thrive, and our latest video highlights the transformative role they play in shaping the market.
Next week will see the top decision makers from GRI Club gather in London ahead of the GRI UK & Europe Reunion for an exclusive members-only GRI Women Leading RE Breakfast, where they will have the chance to share insights, network, and peer-test new strategies.
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