Real Estate Value in Turbulent Markets

Munich, 18.04.2023

We analyze the good, the bad, and the ugly of the correction in global commercial real estate.



  • Commercial real estate markets are under acute pressure amid higher interest rates and financing constraints. Prices in the public markets have tumbled, while prices in the private markets have yet to catch up.
  • Bank lenders are constrained by limited loan paydowns and intensifying regulatory pressures, while commercial mortgage-backed security (CMBS) lenders remain sidelined amid public market volatility.
  • CRE owners face more than $1.3 trillion of loans maturing in the U.S. and Europe over the next two years, while a global economy slows tenant demand.
  • This environment will, in our view, provide attractive opportunities for investors with deep expertise and flexible capital to provide liquidity to banks, structure complex solutions for asset owners, and acquire discounted assets from motivated sellers.

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Paula Eirich
Paula Eirich
Head of External Communications