“There can’t be a crisis next week. My schedule is already full.”

— Henry Kissinger

The new year is traditionally accompanied by a sense of hope and optimism as we turn the page and look forward. Real estate investors are no doubt eager to put 2023 in the rearview mirror. However, in recent years the sheer volume of crises — economic, financial, public health, geopolitical, constitutional or otherwise — has almost conditioned us to approach the new year warily, wondering what strange new surprises and challenges lie in wait. Indeed, the recently popularized real estate slogan “Stay alive till ’25!” does not exude confidence for 2024. While we certainly expect challenges, we don’t think the sky is falling and are optimistic that 2024 could be an exceptional vintage for the right property types and investment strategies.

Each year we make predictions on the major themes affecting the commercial real estate industry, attempting to ident