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Data centers have become one of the most capital-intensive areas of real estate, attracting significant institutional investment. But not all investors are approaching the sector in the same way. Josh Pristaw, president and managing director at Clarion Partners, outlines why the firm remains focused on other sectors with durable, long-term cash flow characteristics and how that shapes its view on data centers. He also discusses where capital is flowing, how returns may evolve as new supply comes online and why the sector presents challenges for core, open-end strategies.

Jennifer Halvas, managing director of investor relations at Cityview, recently participated in a special feature highlighting accomplished women in the real estate sector for Institutional Real Estate Americas. She shared her perspectives on leadership, investing and career evolution. While an excerpt of that interview appeared in the print magazine, the entire conversation, lightly edited, appears below.

Federated Hermes has released a report by Vincent Nobel, head of asset-based lending, examining how real estate credit underwriting can better assess risk beyond traditional financial metrics. The report argues that commonly used measures such as loan-to-value ratios, debt yield and interest coverage ratios, while useful, can present an incomplete picture of risk when evaluated in isolation.

Amazon Australia plans to invest more than A$750 million ($537 million)  to develop a new robotics fulfillment center in Brisbane, Australia.

Australian farmland delivered a total annualized return of 8.73 percent since the Index's inception in January 2015, comprising an income return of 4.40 percent and capital growth of 4.22 percent, according to the latest Australian Farmland Index for fourth quarter 2025 compiled by the Asian Association for Investors in Non-Listed Real Estate Vehicles (ANREV). On a quarter-on-quarter basis, income returns of 0.19 percent combined with capital growth of 0.65 percent to produce to a total return of 0.85 percent.

Inland Real Estate Acquisitions has negotiated and closed the purchase of Jackson Creek Senior Living.

In the fourth quarter 2025, commercial real estate markets began to experience normalizing liquidity conditions across several key indicators, according to the latest reading of the Madison Real Estate Liquidity Index (MRELI) from Madison International Realty.

Canopy Real Estate Partners has held a final close of its $75 million inaugural real estate fund.

APP Jet Center, a provider of aviation services at high-quality, supply-constrained airports across the United States, has announced the close of its acquisition by Bain Capital.

S3 Capital has announced the origination of a $49 million construction loan to finance the development of a new residential community in Allenhurst, New Jersey.

PATRIZIA has launched a Berlin residential development program through a new joint venture, targeting a total development volume of up to €500 million ($580 million) in one of Europe’s most structurally undersupplied housing markets.

Savills plc has signed a definitive agreement to acquire all of the equity of Eastdil Secured LLC, a preeminent global real estate investment bank, for an enterprise value of $1.11 billion.

Ardian has signed an agreement to acquire a majority stake in Casaforte S.p.A., a market leader in the Italian Italy’s self-storage operator.

BRIDGE Housing has held a first close for its BRIDGE Housing Impact Fund I with more than $90 million, marking a major milestone for the innovative investment platform to accelerate the acquisition, preservation and construction of affordable and workforce housing in high-cost markets.

Sagard Real Estate (SRE) and La Caisse (formerly CDPQ) have launched its new partnership focused on an industrial outdoor storage (IOS) strategy across major U.S. infill markets, with an initial target gross asset value of C$490 million ($361 million) and the option to scale the partnership through further commitments.

Eagle Partners, a vertically integrated multifamily investment manager and operator focused on attainable housing, has closed on a $162.5-million affordable housing preservation portfolio acquisition of The Hendrix Apartments and The Hadley Apartments located in Escondido, Calif.

IRA Capital, a Southern California-based real estate private equity firm, has acquired 517,680-square-foot, 16-property medical outpatient portfolio spanning Texas, Florida, North Carolina and Indiana.

Investment bidding intensity in the commercial real estate market is holding steady and buyer interest remains competitive across property types, even with the supply of investment opportunities increasing.

Brookfield Asset Management has acquired two hotels in New Zealand from NZ Hotel Holdings – the  Rydges Wellington and the Sofitel Queenstown.

Real estate deal value rose 10 percent in 2025, reaching $842 billion, though overall transaction count remained flat, according to New McKinsey research.  This growth is being driven by larger, more concentrated bets rather than broad-based activity, which signals a structural shift in how capital is flowing into the sector.