For those of you still waiting for the bell to go off signaling that the capital fundraising markets for infrastructure investment programs finally have hit bottom, you may not have been listening carefully enough.

In 2024, press releases and news stories warning about this or the debacle unfolding in the infrastructure capital fundraising markets were legion. Since the third quarter, these kinds of stories have been all but nonexistent. And just today, I received several announcements about studies confirming investor sentiment in both the infrastructure and real estate investment markets definitely has been heading in a much more upbeat direction.

In addition, the tone at almost all our fourth quarter Editorial Advisory Board meetings for all of our publications was much more positive and optimistic than it has been for the past three years. Data from MSCI Real Capital Analytics, CBRE, Cushman & Wakefield, Marcus & Millichap and other international brokerage