Property Forum 2025

As institutional investors seek clarity in an evolving economic landscape, the story of the buffalo offers a poignant analogy.

Once teetering on the brink of extinction, the buffalo has rebounded through adaptability and resilience – qualities that also define successful real estate investing.

Uncertainty and Change

In a post-Trump era, marked by shifting economic policies, demographic changes and geopolitics, real estate investors must adopt a similar focus on resilience to navigate the challenges.

In the 6^th annual [i3] forum for real estate institutional investors, we will re-examine the state of property types across residential, office, retail, industrial and value-add sectors – as well as deliberate on portfolio construction decisions relating to debt vs equity, and REITs versus unlisted investments.

The “Herd” of Real Estate Opportunities

The office sector continues to undergo significant transformation as hybrid work reshapes demand. Its recovery remains uneven with some core urban markets facing pressure due to elevated vacancy rates and declining rental growth. Has this sector bottomed up yet?

Retail, once declared a casualty of e-commerce, is showing signs of recovery, particularly in experiential and convenience-driven formats. Rebound seems imminent, but are investors ready to re-enter?

The industrial sector, bolstered by the rise of e-commerce and supply chain reconfigurations, remains a star performer. Data centres, standing at the intersection of property and infrastructure, epitomises the gold rush for real assets underpinned by the artificial intelligence wave. However, is this sector ripe for a shake-up?

The residential and living sector remains a pillar of stability, driven by fundamental demand and housing shortages. However inflationary and cost-of-living pressures have brought social and affordable housing to the fore, despite the economics of investing not fully stacking up.

Portfolio Construction: Debt vs. Equity; REITs vs Unlisted

The post-Trump era’s macroeconomic environment – a blend of higher interest rates, tighter credit conditions and persistent inflation – requires careful calibration of real estate debt and equity investments.

Depending on the macro environment, cap rates and valuation corrections, how are investors balancing the credit vs equity exposures?

REITs offer liquidity and transparency, making them a useful complement to direct assets. However, their performance is closely tied to equity market volatility, which can obscure the intrinsic value of underlying assets

Rebound as a Guiding Principle

The buffalo’s resurgence is a powerful reminder that adversity can breed opportunity.

In the office sector, this means embracing hybrid models; in retail, reimagining spaces for community and convenience; and in industrial, leveraging ongoing supply chain shifts.

Just as the buffalo adapted to survive and thrive, there is increasing optimism that this hitherto unloved asset class will rebound in a world of change.

We look forward to discussing these issues at the 6th annual Property Forum 2025.

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