We are all overwhelmed. Anyone who claims otherwise isn’t paying attention. Every day brings a new wave of invitations: subscribe to this newsletter, follow that person, join this group, watch this video, listen to this podcast, stay informed. The volume alone is exhausting. But volume isn’t the real problem.

We are seeing a deep convergence between the real estate and infrastructure asset classes. This convergence is being driven by a number of factors, but it risks obscuring a clear view into the risks in investors’ portfolios. Even as the assets are becoming harder to classify, the risks associated with them are not necessarily becoming interchangeable.

The U.S. commercial real estate market is moving into a new phase, and global investors should take note. After several years of higher interest rates, reduced transaction volume, widening bid-ask spreads, refinancing pressure and uneven property performance, the market is shifting from broad repricing toward selective recovery. The key word is “selective.”