Market Views: A Note of Optimism for 2025

Hard Assets in a Changing World

A thematic piece on private real estate and infrastructure as portfolio building blocks, citing low correlation to public assets and six-year-high institutional appetite for real estate in 2026. High-conviction themes span data centers, logistics, rental housing, and energy.

Market Views: Dealmaking, Disruption, and Real Estate's Recovery

Blackstone President and COO Jon Gray writes that real estate is approaching the steeper phase of recovery, citing record leasing at Link Logistics, up 38 percent year on year, and New York City office leasing at levels not seen since before the pandemic.

Real Estate Enters the Next Phase of the Cycle

Blackstone's Global Head of Real Estate argues the sector has reached an attractive entry point, with construction down 60%+, debt costs down ~40% since 2023, and valuations only modestly off their trough. Conviction themes include data centers, warehouses, and rental housing.

2026 Investment Perspectives

The Office of the CIO outlook highlights macro events on the horizon in 2026, including Federal Reserve leadership changes, tariffs and US trade policy uncertainty, and the US midterm elections. The views draw on insights from more than 270 portfolio companies and roughly 13,000 real estate assets.

US Government Sold $518 Billion of Treasury Securities this Week. 6-Month to 2-Year Treasury Yields Spike on Warsh’s “Regime Change” at the Fed

2026 Real Estate Market Perspectives: On the Cusp

The annual outlook reviews Canadian commercial real estate fundamentals and investment themes across the office, industrial, multifamily and retail sectors.