In times of stress and uncertainty, vacillating and higher interest rates, and bad fortunes for certain property sectors, the private credit sector gains traction for its nimbleness and its ability to seize opportunities while extracting the highest perceived risk-to-reward profile.

The dynamics of the aging population are reshaping the landscape of senior living and healthcare facilities. As the population continues to age, the demand for senior living facilities and medical offices is increasing. Demographic trends point to continued tailwinds for the sectors.

After two years of average sale-leaseback transaction volume, signs of renewed momentum have been emerging. What factors are expected to drive sale-leaseback activity through 2025 and into 2026?

The U.S. multifamily market has been on an occupancy roller coaster during the past several years. As new construction starts have plummeted and occupancies have stabilized, investors have returned seeking net operating income (NOI) growth, in the belief that we are at the bottom of the cycle. Nationally, demand has been stronger than historical averages, with several markets posting record absorption in the first six months of 2025.

This year represents an interesting inflection point with respect to demographic trends, as the college-aged population in the United States has been relatively stagnant for the past decade or so. But recent Congressional Budget Office projections show that the cohort of 16–24-year-olds is expected to increase over the next several years, representing a boon for college enrollment.

G eopolitical events shape investment flows and capital returns across our global commercial real estate markets. Most global real estate transactions are by domestic investors, but cross-border capital flows, where the capital source is not the same country as the asset purchased, are also significant drivers of activity. Cross-border capital has pulled back from investment activity in the United States because of tariff-related and geopolitical concerns. Because the United States is the largest commercial real estate market, accounting for 38 percent of global transaction activity in the past 10 years, we examine the potential implications if capital flows are reallocated away from the United States, both on U.S. market activity and on other potential targets for real estate investors.

Broadshore Capital Partners has announced that its management team, led by Brad Howe, the firm’s CEO, has acquired the majority ownership interest formerly held by the Guardian Life Insurance Co. of America, completing a strategic transition to being a fully independent, management-owned firm.

RXR and Liberty Mutual Investments (LMI), the investment firm for Liberty Mutual Group have expanded their long-term strategic partnership.

Macquarie Asset Management (MAM) has launched Summerland Storage Partners, a self-storage platform with a strategy aimed at crafting a geographically diverse portfolio of self-storage assets, positioned strategically within key United States markets. The platform will be owned by a MAM-managed fund, alongside the management team.

Blackstone Credit & Insurance (BXCI) and Aligned Data Centers (a technology infrastructure company offering innovative, sustainable and adaptive scale data centers and build-to-scale solutions for global hyperscale, AI/high-performing computing and enterprise customers) have upsized their existing senior secured credit facility to fund Aligned’s continued growth and accelerate its portfolio strategy. The upsize brings BXCI commitments to Aligned to more than $1 billion and is committed entirely by accounts managed by BXCI’s Infrastructure & Asset Based Credit Group.

PGIM’s real estate business has provided $619 million in fixed-rate financing on behalf of its agency lending platform to HHHunt Corp. for a 15-asset multifamily portfolio across the Southeast United States.

Funds managed by Blue Owl Capital, and affiliates of Chirisa Technology Parks (CTP) and Machine Investment Group (MIG) have closed on a joint venture partnership to include $4 billion of funding for the previously announced CoreWeave developments in Lancaster, Pa.

Harrison Street Asset Management has sold five class A senior housing communities throughout central Long Island and New York, in a transaction valued at more than $600 million.

Norges Bank Investment Management (NBIM), which invests on behalf of Norway's sovereign wealth fund, has agreed to acquire a 95 percent interest in an office property located at 1177 Avenue of the Americas in New York City in a new joint venture with Beacon Capital Partners.

Silver Lake and Adam Fisher and Peter Rumbold, principals at Commonwealth Asset Management, have a launched digital infrastructure platform with $400 million of capital to assemble a global portfolio of strategically located powered land sites to address the key scarce input in meeting the escalating demand for data centers.

The Carlyle Group has held a final close for its 10th U.S. opportunistic real estate fund, Carlyle Realty Partners X (CRP X), with $9 billion of total commitments.

With construction in some Sun Belt markets continuing to outpace absorption, concerns are growing about potential oversaturation in certain metros, though demand in many areas remains strong.