We did it, folks. We stayed alive till 2025, though 2024 was not without its twists and turns. From presidential campaigns to collapsing governments to waiting patiently for the Federal Reserve to cut rates finally, there was no shortage of events to keep us glued to the news, wondering what could be next. In uncertain times, taking a “wait and see” approach might be tempting, but investors in private markets have no such luxury. Our job is to look past the daily headlines and take a longer-term worldview. Of course, sometimes events will intervene and fundamentally shift the direction of history, and other times, our views are just plain wrong. But diversifying across asset classes and vintage years can cover a multitude of sins.

Each year, we make predictions on the major themes affecting the commercial real estate industry, attempting to identify the trends and data points that we believe are most relevant to real estate investors today. We hope you enjoy our top predi