Publications

- September 1, 2019: Vol. 31, Number 8

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Shop talk: A conversation with Andreas Calianos

by Loretta Clodfelter

Andreas Calianos has been in the institutional real estate industry for nearly 30 years and serves as an outsourced CIO. Ten years ago, in the wake of the financial crisis, Institutional Real Estate, Inc. sat down with Calianos to discuss the long-term implications of the crisis, together with observations from behavioral finance. Recently, Calianos spoke with Institutional Real Estate, Inc. to revisit his calls from that time and update his views on current opportunities within the market and how the latest cycle might unfold.

In early 2009, you were pretty bullish on real estate and emphasized the recovery would be the kind only seen “once or twice” in a career. That was a good call, but what did you get wrong?

At that time, most everything we were looking at to isolate the bottom, sentiment especially, turned out to be accurate. At cycle extremes, sentiment works as a contrary indicator; negative is positive, and vice versa. The herd is

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