In this episode of the Portfolio Construction Podcast, Paul O'Connor is joined by Josh Scoville, Global Head of Research at Hines, to explore how global real estate markets are evolving and why property cycles are starting to turn after the 2025 low. Drawing on Hines' global research and frontline experience, the conversation examines how macro shifts, geopolitics and sector dynamics are reshaping real estate outcomes globally.

Tune in to learn:

• Why global real estate is emerging from a period of repricing and low activity, and why 2026 is shaping up as an important vintage for investors
• How industrial and living sectors are leading real estate returns, with performance now driven by income growth and active asset management rather than simply valuation uplift
• How deglobalisation and geopolitical tension are increasing the importance of local asset selection, while risk management is best addressed through global diversification
• How liquidity and currency risk are managed in an evergreen global real estate portfolio, without compromising long‑term returns

Disclaimer: The information provided is general information and is not indicative of future results. Outcomes may vary depending on strategy and market conditions.