Summary

• Offices may face well-documented headwinds, but many other CRE segments appear more resilient.
• CRE spans a diverse range of asset types, including multifamily housing, industrial and logistics, hospitality, and niche sectors investors can access through both public and private markets.
• Capital markets have recovered from their 2025 lows, thanks in part to increased participation from private credit providers, insurance investors and structured-products markets.
• With the potential to combine asset-level underwriting discipline with market-based liquidity, we think SASB deals broaden investors’ toolkits.

By Scott Greenfield and Brian Resnick, CFA

The opportunity set in this wide-ranging market extends well beyond office properties.

Investors often view commercial real estate (CRE) through the narrow lens of the office sector. We think this

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