• Real Estate

    A New Dawn in Retail: Targeting Retail Real Estate Markets Where the Sun Still Shines

    September 2019

    We believe U.S. economic growth and labor markets remain on solid footing. Trade frictions and other geopolitical tensions have not pushed the current expansion off course, but the associated uncertainty could pose a risk. Experience based retail continues to outperform, and store openings are outpacing closings. E-commerce spending varies by market, and we believe this variance is driving retail real estate demand more than investors realize. We developed a framework that aims to estimate which retail real estate markets are most likely, and most unlikely, to be further disrupted by e-commerce.

  • Real Estate

    Core Real Estate for U.S. Insurers

    June 2019

    Core real estate equity offers insurers a multitude of potential benefits.

  • Real Estate

    Industrial, Opportunity, and CRE

    March 2019

    A modestly weaker demand outlook and similar levels of supply growth should leave fundamentals balanced in 2019. Near term risks include the rollback of lending regulations and the introduction of opportunity zones, which add uncertainty to future supply forecasts. We expect the industrial sector to outperform other sectors in 2019. Further, in this issue of the Investment Strategy Quarterly, we outline why investors have significantly underestimated the pace of industrial demand growth in the past, and are likely continuing to do so today.

  • Real Estate

    Investment Opportunities in Private Commercial Mortgages

    January 2019

    Private commercial mortgages comprise a large and diverse asset class which can provide investors favorable risk-adjusted returns, low loss rates, and low correlations with other asset classes. Additionally, their flexible structures make private commercial mortgages attractive vehicles for liability driven investment strategies.

  • Real Estate

    Real Estate and Reflation: How Rising Deficits and Partisan Gridlock May Work in Real Estate’s Favor

    December 2018

    Accelerating economic growth and a small supply pipeline relative to history have left real estate fundamentals in a solid position, especially when compared to similar periods in past cycles. As a new congress takes office next month, however, the risk of government gridlock also rises, similar to the split congress that took office in 2011. For several years following 2011, legislation was slow to move, a government shutdown slowed economic growth, and U.S. Treasury debt was either put on negative watch or downgraded by the major rating agencies. Today, rising deficits and the threat of government dysfunction may leave the Federal Reserve in the unfortunate position of balancing its low inflation mandate with the economic repercussions of potential further rating downgrades. This dynamic, as well as tariffs and a tight labor market, point toward potentially higher inflation in 2019 and beyond. Portfolio managers who increase their allocation to inflation protected sectors, such as real estate, may therefore be better positioned to outperform.

  • Real Estate

    On the Road Again: How Advances in Transportation are Shaping the Future of Real Estate


    Advances in transportation technology have shaped the form, pace, and direction of real estate demand throughout the nation’s history. We believe that the adoption of ridesharing services and advances in autonomous and electric vehicle technology are set to do so once again. In our latest strategy white paper we examine the effects these changes are already having on real estate demand, and explore the investment opportunities they will create in the future.