Front & Center
By CenterSquare Investment Management
Front & CenterJun 20, 2023
Episode #16: Charting the Course: Central Banks, Cap Rates, and Real Estate Outlook
Following last week's FOMC meeting, Co-Hosts Uma Moriarity and Scott Crowe discuss key takeaways and expectations for the real estate market as we head into 2024. "Charting the Course: Central Banks, Cap Rates, and Real Estate Outlook" examines the impact of the "higher for longer" interest rate message on cap rates, transaction volumes, and our real estate outlook, while addressing expectations for a recession given forward looking indicators tracking the strength of the consumer.
Episode #15: The Power and Potential of Data Centers
In our latest installment of Front & Center, Co-Hosts Scott Crowe and Uma Moriarity welcome back Portfolio Manager Patrick Wilson to delve into the burgeoning data center sector within the commercial real estate landscape. "The Power and Potential of Data Centers" explores the sector's strong fundamentals and its potential for further growth due to limited supply and increased demand for modern facilities, while examining how data center REITs are adapting to meet the evolving needs of this dynamic real estate opportunity.
Episode #14: Transpacific Realities: Navigating Asia-Pacific Real Estate
In the latest episode of Front & Center, Uma Moriarity speaks with Real Estate Securities Regional & Portfolio Manager Joachim Kehr, discussing the Asia-Pacific real estate landscape. "Transpacific Realities: Navigating Asia-Pacific Real Estate" explores the intriguing differences between U.S. and Asia-Pacific office fundamentals while dissecting the region's various policy frameworks, looking closely at recent developments in the Chinese property market and examining the global impact of the Bank of Japan's monetary policy.
Episode #13: Redefining Residential Real Estate: The Build-to-Rent Revolution
In the latest episode of Front & Center, Co-Hosts Scott Crowe and Uma Moriarity speak with Jeff Reder, Managing Director and Chris Picyk, Senior Vice President of our Private Real Estate team, discussing CenterSquare’s strong conviction for the Build-to-Rent (“BTR”) residential sector. "Redefining Residential Real Estate: The Build-to-Rent Revolution", explores how shifting demographics, supply and demand drivers, and the evolving lifestyle preferences of Millennials are reshaping the housing market, propelling BTR to stand out in residential real estate.
Episode #12: Strategic Capital: Investing in the “White Space”
In the latest episode of Front & Center, Co-Host Uma Moriarity interviews Chad Burkhardt, Managing Director of Private Real Estate where the pair discusses CenterSquare’s Strategic Capital Investment Strategy. Strategic Capital: Investing in the “White Space” delves into the strategy's origin and its focus on unique real estate opportunities with strong fundamentals, leveraging CenterSquare’s dual public/private research platform to capitalize on long-term market trends.
Episode #11: Value-Add in Niche Sectors
In the latest episode of Front & Center, Co-Hosts Scott Crowe and Uma Moriarity chat with Jeff Reder, Managing Director of Private Real Estate, to discuss commercial real estate investing utilizing a value-added approach. "Value-Add in Niche Sectors" unveils the intricacies of this strategy, CenterSquare’s evolution into niche sectors like build-to-rent (BTR) and manufactured housing, and what we can expect for the strategy as we move through the latest real estate cycle.
Episode #10: Generational Shifts and Real Estate Dynamics
In the latest episode of Front & Center, Co-Hosts Uma Moriarity and Scott Crowe chat with Real Estate Securities Portfolio Manager Rob Goldstein and explore the transformative impact of generational trends on the real estate asset class. "Generational Shifts and Real Estate Dynamics" examines how the lifestyles of the two largest generations - millennials and baby boomers - are driving demand across the real estate landscape, particularly in the housing, life science, and retail sectors, which are evolving to cater to needs of both generations in real-time.
Episode #9: REIT Earnings Recap
Fresh off the heels of earnings season, Front & Center, Co-Hosts Uma Moriarity and Scott Crowe chat with Real Estate Securities Portfolio Manager Patrick Wilson and reexamine our predictions of a pending "normalization" for commercial real estate previously explored in Episode 6. "REIT Earnings Recap" spotlights property sectors that are rebounding strongly vs. those facing an extended path to stability, and analyzes cap rates for the broader real estate asset class, all in the context of recent earnings reports and macroeconomic forecasts.
Episode #8: Decoding the Data: Economic Updates and the Real Estate Cycle
In the most recent episode of Front & Center, Co-Host Scott Crowe and Uma Moriarity analyze recent economic data and its implications for commercial real estate investment. "Decoding the Data: Economic Updates and the Real Estate Cycle" examines recent macroeconomic indicators in relation to interest rates, debt costs and cap rates and our hosts discuss the likelihood of market history repeating itself as we consider a hard or soft landing in the coming months.
Episode #7: Sustainability's Role in Real Estate Value
In the most recent episode of Front & Center, Co-Hosts Scott Crowe and Uma Moriarity delve into how sustainability considerations are considered in assessing commercial real estate investment opportunities. "Sustainability's Role in Real Estate Value" sheds light on the various environmental, social and governance factors that influence the long-term value of the properties in which we invest. Additionally, our co-hosts explore how sustainability contributes to risk mitigation and value creation across both the public and private real estate markets.
Episode #6: REIT Earnings Read-Through Into Real Estate
On the cusp of REIT earnings season, Front & Center Co-Hosts Scott Crowe and Uma Moriarity chat with Real Estate Securities Portfolio Manager Alex Snyder about what the listed real estate market can tell us about the remainder of 2023 for the entire asset class. “REIT Earnings Read-Through Into Real Estate” discusses what a pending “normalization” for commercial real estate might resemble. From Office to Senior Housing to Residential, the team runs the gamut on expectations for what we can expect from both core and alternative real estate sectors.
Episode #5: Essential Service Retail, Uncovering Hidden Value
Our latest episode of Front & Center features Managing Director Robert Holuba who chats with host Uma Moriarity about CenterSquare’s conviction in the emerging sector of retail we call Essential Service Retail (ESR). “Essential Service Retail, Uncovering Hidden Value” discusses a perfect storm of market forces that have created an attractive investment opportunity for ESR properties as well as the drivers that are pushing the sector rapidly towards institutionalization.
Episode #4: Real Estate Debt, Why Now?
In our latest episode of Front & Center, our host Uma Moriarity invites CenterSquare Managing Director Michael Boxer to discuss why current market conditions present an opportune time for private real estate debt. “Real Estate Debt, Why Now?” delves into how the current lending environment has impacted the historical capital stack, creating opportunity for mezzanine debt providers as traditional lenders grapple with elevated market volatility and lack of real estate price discovery. The two also touch on standout property sectors and future tailwinds that investors should keep in mind when considering an allocation to real estate debt.
Episode #3: Fed Policy, Interest Rates, and Real Estate
Fresh on the heels of our last episode on Artificial Intelligence, Scott Crowe and Uma Moriarity react to the Federal Reserve’s recent decision to leave interest rates unchanged for the time being. In this episode, our co-hosts discuss what might be in store in terms of future rate changes, how Fed action will impact the public and private markets differently, and the effect on the multifamily and industrial sectors.
Episode #2: What Does 'AI' Mean for Commercial Real Estate?
In this episode, Scott Crowe and Uma Moriarity offer their thoughts on the chatter from last week’s Nareit conference in NY, focusing on a topic that was (surprisingly) less discussed – Artificial Intelligence and its impact on real estate. Tune in to hear how AI is poised to impact the built environment in a number of obvious and subtle ways.
Episode #1: Setting the Stage
Our first episode features a conversation between CenterSquare co-hosts Scott Crowe, President & Chief Investment Strategist, and Uma Moriarity, Senior Investment Strategist, who share our broad vision for Front & Center and then set the stage for future episodes, offering insight into today’s real estate pricing and tomorrow’s investment opportunities across the public and private markets.