2026 Outlook

We see a market environment that rewards conviction, selectivity, and active investment strategies. While uncertainty remains, the foundations for the next real estate investment cycle are being laid - creating compelling opportunities for investors who act early and decisively.

Macroeconomic Context

The macroeconomic backdrop continues to be defined by elevated public debt, geopolitical risks, and structurally higher inflation. In such an environment, capital increasingly seeks real assets that offer income stability, inflation protection, and long- term value creation. Capital flows are becoming more selective, favoring transparency, trust, and strong fundamentals.  Technology - particularly AI - along with security considerations and forward-looking urban planning, is reshaping investment priorities and opening new, scalable investment themes.

Real Estate Market

The real estate market is clearly at an inflection point. The recent downturn has revealed not only cyclical weakness but also long-standing structural inefficiencies, especially in parts of the office sector. At the same time, leasing markets for high-quality, well located, and efficient assets remain resilient. Improving financing conditions, declining interest rates, and stabilizing valuations are translating into attravtive entry points for well-capitalized investors. Assets that meet ESG requirements and offer repositionning or transformation potential are emerging as key sources of future outperformance.

Investment outlook

Real estate remains a core allocation for institutional and professional investors, but success in the coming years will depend on focus and active asset management. The most compelling risk-adjusted opportunities are found in resilient sectors such as residential, logistics, light industrial, grocery-anchored retail, data centers, and social infrastructure. These asset classes benefit from long-term demand, limited cyclicality, and strong income visibility. In the early phase of the new cycle, investors who identify structural countertrends and deploy capital selectively can secure attractive entry yields and position portfolios for sustainable value growth.

Given the context, we believe that now is the time to move from observation to execution. We would welcome the opportunity to discuss how targeted strategies and active asset management can translate today's market dislocation into tomorrow´s performance.