We recently sat down with Asieh Mansour to discuss tariffs, their potential long-term economic impacts, and their implications for investors. Asieh has been a Senior Advisor to Townsend and a member of our Global Macro Committee since 2013. She brings a wealth of knowledge and insight to our investment process, drawing upon 30 years of experience in global economic research and strategy, as well as a PhD in Economics.

The new year is already well underway, and the new U.S. administration is off to a fast start – announcing major initiatives and policy changes on what seems to be a daily basis. In this rapidly evolving market, Townsend’s research teams have been evaluating several developments that could impact Real Estate markets. The Trump Factor discusses many of the topics that we have been considering.

The Continuing Evolution of the Secondaries Market provides an in-depth analysis of the shifting landscape of secondary transactions in real estate private equity. It distinguishes between traditional secondaries, where limited partnership interests are sold between investors with minimal sponsor involvement, and non-traditional secondaries, which encompass a broader range of transactions where sponsors play a more active role. The piece highlights the advantages and risks associated with these transactions, emphasizing how non-traditional secondaries can offer good returns and risk control for investors. As the market evolves, the article suggests that the ongoing liquidity challenges faced by real estate sponsors present significant opportunities for secondary investing.

Presidential elections can trigger shifts in economic policies and regulatory frameworks, thereby influencing various sectors, including commercial real estate (CRE). Historically, property markets have responded more significantly to the macroeconomic landscape than to specific election results.

As interest rates start their downward trajectory, many investors are wondering about the impact on property values and market dynamics. Will the rates go back down to the sub-1% levels or are they expected to remain higher? How will the interest rate levels impact the real estate values?