Research Reports

The renewed political push to restrict institutional investors from purchasing single-family homes has re-emerged as one of the most potent housing narratives in the United States. The appeal is immediate: the idea that large pools of capital are crowding out households and inflating prices resonates in a country where homeownership remains both an economic aspiration and a cultural anchor. Yet housing markets, like all capital-intensive sectors, are governed less by intent than by capacity. When examined through the lenses of scale, supply elasticity and historical experience, the case for constraining institutional single-family rental capital as a remedy for affordability appears significantly weaker than the rhetoric suggests. For investors, policymakers and households alike, the more consequential question is not whether the proposal is politically coherent, but whether it engages with the underlying constraints that have limited housing production – and what happens when capital is restricted without expanding aggregate supply.

The industrial real estate market continues to recalibrate following the volatility of the past few years, but one segment has remained notably resilient: small-bay industrial. As broader industrial fundamentals normalize, demand, pricing power, and liquidity within the small-bay sector continue to outperform larger size segments, supported by structural demand drivers, constrained supply, and deepening capital market interest.

Real estate liquidity is improving as interest rates have reset, and transaction activity has begun to rebound. Less new construction across most property sectors is expected to support occupancy and rent growth. Select sectors, including retail, multifamily, industrial, and manufactured housing, offer attractive relative value. In a bifurcated market, disciplined market and asset selection can create opportunities for excess performance.

Following a year marked by continued uncertainty, we look to 2026 anticipating a shift in favor of more stability. Stability in interest rates and capital markets should set the stage for a new real estate cycle, which presents an opportunity for skilled, disciplined investors to stand out from the crowd.

Where to find resilience and returns against a backdrop of uncertainty, volatility and opportunity: our experts look ahead to 2026.

In this 8^th annual infrastructure outlook “Hard assets, soft power”, UBS Asset Management argues that infrastructure has become the most strategic path for nations to build soft power in a multipolar world, and is also critical for maintaining social cohesion domestically. They also discuss the macro environment for infrastructure, assess the risks of an AI bubble and highlight investment considerations across different sectors.

Commercial real estate (CRE) is staging a comeback, but not the kind that lifts all boats to the same degree. Returns are diverging sharply across property types, geographies, and funds—exposing a market ripe for active alpha generation. Navigating this backdrop requires focused selectivity and the return of income as the dominant driver of CRE returns.

A fun, holiday edition of Ryan Severino's Economic Outlook series.

Has excitement about AI caused data centers to become overvalued? Are land and power constraints, new regulations, and/or community pushback making development more difficult? What does an exit look like in this environment? Principal Asset Management's global data center team answers these questions.

After a challenging few years of rising interest rates and valuation corrections, private real estate is poised for a meaningful recovery in 2026, with values stabilizing and total returns turning positive for six consecutive quarters. Strengthening fundamentals position the asset class for compelling long-term opportunities despite near-term volatility from shifting geopolitics and trade policy. Explore our 2026 outlook for detail into our six investment themes for 2026, which collectively offer investors a range of compelling opportunities across risk profiles and geographies.