Research Reports

Fundamentals will be a primary driver of total returns versus the post-Global Financial Crisis financially engineered returns which were driven by historically low interest rates. We believe property and market selection are therefore paramount. Uncover opportunities amidst the evolving macroeconomic environment and the commercial real estate investment landscape.

Two years after CapitaLand Investment's (CLI) publication of our first research paper on Asia Pacific (APAC) Private Credit, institutional interest in the sector continues to accelerate. Amid tighter financial conditions and higher regulatory constraints faced by traditional lenders, borrowers are turning to private credit for faster execution, flexible structures, and customized solutions. Within this landscape, real estate (RE) private credit is emerging as a key growth segment, supported by APAC’s rapid urbanization, rising refinancing needs, and evolving capital requirements.

Real estate credit loans offer advantages through floating rates and income generation, providing portfolio flexibility while potentially reducing risks from interest rate changes and economic slowdowns. These characteristics, along with supportive market fundamentals and favorable lending conditions from banks, make real estate credit well-positioned to navigate through today’s uncertainties.

Non‑fund investment structures in private real estate, like co‑investments, club deals, and joint ventures, may offer lower fees and greater LP control. They provide better alignment, flexibility, and quicker capital deployment than traditional funds. Customized for legal, tax, and ESG needs, NFIs can offer strong deal access and diversification, allowing investors to target high‑conviction opportunities tailored to their needs.

We believe that US real estate is no longer merely poised for a cycle turn—it is already stepping onto a firmer path. Asset values have largely completed their reset, and early-cycle price discovery continues to fuel the momentum of high conviction capital. Finding Clarity through the Clouds in the dawning upcycle of US commercial real estate requires finding adequate signal through the noise. In the first half of 2025, we have seen larger-thannormal shifts in macroeconomic conditions, global trade relationships, increasing geopolitical tensions and escalation of conflicts—these are only a few contributors of noise the impedes the ability to see signal. Our view: 2025 rewards managers who convert today’s high conviction themes into decisive capital deployment. We believe the outlook is most attractive for living strategies (i.e., multifamily, build-to-rent, seniors), modern small-bay logistics & advanced manufacturing, and private real-estate credit.

NYCEDC's monthly report that assembles and highlights data from key sources to measure the strength of New York City's economy. In this month's edition: NYC unemployment fell to 4.7%, marking the sixth straight month of improvement; and the city reached another record high for private sector jobs. Read the full Snapshot for more of the latest data.

In the past two years, the data center industry shifted dramatically to accommodate AI technologies and sustainability-focused regulations. New data centers are designed with flexibility to ensure long-term viability. This doesn’t mean older data center designs are obsolete. In fact, existing facilities are still valuable—even as their existing infrastructure ages. Read our latest analysis to find out why.

While Liberation Day kicked off the quarter with an uptick in volatility, the industrial sector had been under increased pressure long before early April. The heightened uncertainty around trade only increased that pressure, resulting in a more meaningful cap rate expansion in the Industrial sector than the REIT market experienced as a whole, with the Southern California market experiencing this repricing most acutely. This Q2 2025 REIT Cap Rate Perspective Report offers more detailed insight into this sector, as well as perspectives across the REIT market.

The writer Nassim Nicholas Taleb coined the term “antifragile” to describe systems that thrive and grow stronger after subjected to volatility, and stress. In our view, the US renewables industry embodies these attributes. Despite repeated shocks in the last 20 years, including the recently passed One Big Beautiful Bill (OBBB), the industry's capacity for self-correction, innovation, and adaptation has contributed to its continued expansion. This time is no different.

The necessity retail sector continues to demonstrate resilience in today’s dynamic market environment. Across global markets, assets anchored by grocery, discount retail, health and wellness and essential services have maintained strong performance despite shifting consumer preferences and economic headwinds. This resilience is particularly evident in growing suburban or urban-fringe locations, where retailers are actively expanding their footprint to meet enhanced consumer demand for convenient, accessible retail options.