In 2024 commercial real estate investors were confronted with tremendous changes. What’s the biggest change that will surprise us in 2025—and how should the investment community adjust to those changes? That’s just one of the topics we tackle in the latest episode of our podcast series talking with commercial real estate experts about the year ahead.

Jim Costello is the Chief Economist for MSCI Real Assets—and someone who always has a measured and data-driven forecast of what’s going to happen in the US real estate market, especially as it pertains to cross-border investment.

“If people are not taking a dispassionate point of view…and taking a full look at the range of potential changes, they’re going to be shocked and surprised,” explains Costello. How will the new administration’s policies affect trade? Tariffs? Tax policies? Will they decrease regulatory burdens? And how will that affect inflation? “Those are real concerns,” says Costello. “But any policy change can cut two ways… there are other things that other types of investors are excited about”—and both Branson and Costello describe them in detail in this special mini-episode of the AFIRE podcast.

Other themes:

What are the surprising bets Jim Costello would make in 2025?

Why office could surprise us in the year ahead

How will migration patterns change in the US in 2025?