Scaling Capital: Commercial Real Estate Intellegence

After years of repricing, higher borrowing costs and uncertainty, commercial real estate may finally be reaching a more stable point. The question now is where investors should be looking for opportunities.

This week Jennifer continues her conversation with economist Richard Barkham, shifting the focus to commercial real estate. They discuss where values stand today, the impact of higher interest rates and refinancing pressure, and why Richard believes we may be at the beginning of a new real estate cycle.

From office and multifamily to retail, data centers, hospitality and life sciences, they also look at which sectors have the strongest fundamentals and where opportunities may be emerging for investors.

In this episode, we cover:

00:00 Intro and Meet Richard Barkham 01:08 Commercial Real Estate Pricing and Refinancing Pressure 02:12 Have CRE Values Reached the Right Level? 04:30 Distress, Investment Activity and the Housing Market 07:25 Which CRE Sectors Have the Strongest Fundamentals? 08:48 Office, Industrial and Multifamily 11:33 Why Retail Fundamentals Stand Out 12:55 Data Centers, Power Demand and Energy Infrastructure 15:20 Self-Storage and Hospitality 18:10 The Life Sciences Recovery 20:06 Senior Living and the Aging Population

Guest Bio: Richard Barkham is the former Global Chief Economist and Global Head of Research for CBRE and a specialist in macro and real estate economics. He is currently a Senior Fellow and Lecturer in Real Estate at the Harvard University Graduate School of Design, a Professor of Practice at the University of North Carolina, an Honorary Professor at the Bartlett School of Sustainable Construction at University College London, and a member of the Royal Institution of Chartered Surveyors.

Follow Jennifer and Accrete Advisors on LinkedIn, visit our website, and subscribe to our newsletter to stay ahead of the trends shaping the future of CRE.

Keywords:

commercial real estate, CRE outlook 2026, real estate investing, commercial real estate values, CRE distress, refinancing, cap rates, interest rates, office real estate, multifamily, industrial real estate, retail real estate, data centers, life sciences real estate, senior living

The U.S. economy has remained surprisingly resilient, but persistent inflation, a cooling labor market, rising government debt, and a massive wave of AI investment are creating a far more complicated outlook for investors.

This week, Jennifer sits down with economist Richard Barkham to examine the major macro forces shaping the second half of 2026 and what they could mean for commercial real estate. Richard shares his perspective on why inflation may remain structurally higher in a more fragmented global economy, how tariffs and labor constraints are affecting prices, and why rising government debt is increasingly showing up in Treasury yields and real estate pricing.

We also unpack the extraordinary scale of AI investment in the United States, its role in supporting economic growth, and the possibility that rapid development could lead to overinvestment before its full productivity benefits are realized.

If you're trying to understand where the economy is headed and how today’s macro forces could ultimately filter into commercial real estate, this conversation offers important context for navigating the market ahead.

In this episode, we cover:

00:00 Intro and Meet Richard Barkham 01:23 The U.S. Macro Outlook for the Second Half of 2026 04:15 Persistent Inflation and the Impact of Economic Policy 07:55 Government Debt, Treasury Yields and Real Estate Pricing 09:58 Deglobalization, Geopolitics and Defense Spending 12:41 AI Investment and the U.S. Economy 16:41 Is the AI Boom Becoming a Bubble? 19:33 AI, Productivity and the Future of Work

Guest Bio: Richard Barkham is the former Global Chief Economist and Global Head of Research for CBRE and a specialist in macro and real estate economics. He is currently a Senior Fellow and Lecturer in Real Estate at the Harvard University Graduate School of Design, a Professor of Practice at the University of North Carolina, an Honorary Professor at the Bartlett School of Sustainable Construction at University College London, and a member of the Royal Institution of Chartered Surveyors.

Follow Jennifer and Accrete Advisors on LinkedIn, visit our website, and subscribe to our newsletter to stay ahead of the trends shaping the future of CRE.

Join us next week for Part Two with Richard Barkham, where we shift the conversation to commercial real estate pricing, distress, property-sector fundamentals, and where opportunities may be emerging in the next real estate cycle.

Keywords: 2026 economic outlook, U.S. economy, commercial real estate, CRE market, inflation, interest rates, Federal Reserve, Treasury yields, government debt, AI investment, artificial intelligence, data centers, deglobalization, real estate economics, macroeconomic trends

India is on every Japanese investor's lips. Australia's living sector is going from mom-and-pop to institutional at speed. And after two years of negative capital growth, Asia Pacific returns are firmly back in positive territory. In Part 2, Charlie Haas of ANREV breaks down where the next wave of opportunity is forming — and why local boots on the ground are non-negotiable.

In part two, Jennifer continues her conversation with Charles Haas, Chief Executive of ANREV, diving into emerging market opportunities, return dynamics across Asia Pacific, and how ANREV's 60-plus annual events serve as a critical engine for market education, networking, and community building across the region.

In this episode, we cover:

• India, Vietnam & Southeast Asia as the next frontier for Asia Pacific real estate investment

• Why local teams on the ground are non-negotiable for effective cross-border investing

• The barbell effect in capital raising: mega funds vs. local specialists — and who's winning

• Asia Pacific return dynamics: income stability, capital growth recovery, and what's driving performance by market

• Australia's living sector boom and Japan's cap rate environment in a rising rate world

• How ANREV's 60-plus annual events build the community, education, and networks that move capital

If you're an institutional investor or fund manager trying to get ahead of where global capital is moving next in Asia Pacific, this is a conversation you won't want to miss.

Guest Bio: Charles (Charlie) Haas is the Chief Executive of ANREV, the Asian Association for Investors in Non-listed Real Estate Funds, a member-driven nonprofit organization dedicated to promoting transparency, better data access, and best professional standards across Asia Pacific private real estate markets. Prior to ANREV, Charlie brought experience from both sides of the investment table, having worked with Atos Japan, Tokyo Fujisan Holdings Corporation, and the California State Teachers' Retirement System (CalSTRS). He holds a PhD in Economics from the University of California, Davis.

Connect with Charlie on LinkedIn

Follow Jennifer and Accrete Advisors on LinkedIn, visit our website, and subscribe to our newsletter to stay ahead of the trends shaping the future of CRE.

Episode Breakdown

[00:00:00] Welcome Back: Part 2 Intro & Charlie's Background

[00:01:00] Emerging Markets: India, Vietnam & Southeast Asia on the Rise

[05:00] Investing Cross-Border: The Case for Local Teams on the Ground

[09:08] Asia Pacific Return Dynamics: Income Stability & Capital Growth Recovery

[11:03] Australia's Living Sector: From Fragmented to Institutional

[13:42] ANREV's 60+ Annual Events: Structure, Scale & Purpose

[19:22] Closing: An Invitation to Tokyo's Annual Conference in October

Stay tuned for our next guest on Scaling Capital!

Most institutional investors know their market inside and out, but what about the $140 billion in AUM tracked across Asia Pacific private real estate? Charlie Haas, CEO of ANREV, pulls back the curtain on the data, indices, and market intelligence that sophisticated global investors rely on to make decisions across one of the world's most complex and heterogeneous real estate landscapes.

In this episode, Jennifer sits down with Charles Haas, Chief Executive of ANREV — the Asian Association for Investors in Non-listed Real Estate Funds — to explore how transparency, data, and benchmarking are shaping the future of private real estate investment across Asia Pacific. From the mechanics of global indices to where capital is actually flowing, this conversation is packed with intelligence for managers and investors navigating an increasingly global market.

In this episode, we cover:

• ANREV's history, mission, and growth to 240 members and $140B AUM across Asia Pacific

• How managers and investors use ANREV's index suite for benchmarking and portfolio decisions

• 2025 capital raising data: where Asia Pacific stands vs. North America and Europe

• Top investor-preferred markets and the "beds & sheds" trend driving capital

• The rise of data centers as a major emerging sector in Asia Pacific real estate

• Demystifying China: the truth about capital repatriation and why Hong Kong is its own market

If you're an institutional investor, fund manager, or CRE professional looking to understand where smart global capital is moving, and what the data actually says, this is a conversation you won't want to miss!

Guest Bio: Charles (Charlie) Haas is the Chief Executive of ANREV, the Asian Association for Investors in Non-listed Real Estate Funds, a member-driven nonprofit organization dedicated to promoting transparency, better data access, and best professional standards across Asia Pacific private real estate markets. Prior to ANREV, Charlie brought experience from both sides of the investment table, having worked with Atos Japan, Tokyo Fujisan Holdings Corporation, and the California State Teachers' Retirement System (CalSTRS). He holds a PhD in Economics from the University of California, Davis.

Connect with Charlie on LinkedIn

Follow Jennifer and Accrete Advisors on LinkedIn, visit our website, and subscribe to our newsletter to stay ahead of the trends shaping the future of CRE.

Join us next week for Part Two with Charlie Haas, where we dive deeper into the evolving regulatory landscape across Asia Pacific, how ANREV is expanding into India, and what the data tells us about the next wave of opportunity in the region.

AEW Capital Management, COO Lauren O’Neil: How are institutional investors driving returns in today’s higher-rate, more complex CRE environment?

Welcome back to Bridging the Gap: Commercial Real Estate Intelligence, presented by Accrete Advisors.

In Part Two, host Jennifer Robertson continues her conversation with Lauren O’Neill, Chief Operating Officer and Managing Director at AEW Capital Management, to explore how one of the world’s largest real estate investment managers is evolving its approach to yield, partnerships, and risk.

From separate account strategies to development, debt, and today’s macro headwinds, this episode offers a deeper look at how institutional capital is adapting to a new cycle defined by higher interest rates, tighter margins, and greater operational discipline.

In this episode, we cover:

• The role of separate account clients, which make up a significant portion of AEW’s business, and how mandates differ from commingled funds

• Why today’s environment requires a renewed focus on income durability and active asset management to drive returns

• How AEW evaluates and selects operating partners, with an emphasis on local expertise and execution

• AEW’s current stance on development and debt strategies, including where they are being selective and where opportunities still exist

• Key macro headwinds, including regulatory pressure, tax environments, and broader market uncertainty

• How AEW is rethinking hold periods, with more flexibility around 5–7 year exits versus traditional 10-year assumptions

• Lessons from recent cycles, including “sector tourists” and risks tied to COVID-era construction

If you’re looking to understand how institutional investors are generating returns in today’s environment — and what’s changed from the last cycle — this is a conversation worth paying attention to.

Missed Part One? Start there for AEW’s sector-level strategy, capital deployment, and where they’re finding opportunity in 2026. [HYPERLINK EP 1 LINK]

Guest Bio: Lauren O’Neill is the Chief Operating Officer of AEW Capital Management and Managing Director of the firm. She oversees AEW’s day-to-day operations, working closely with Investor Relations, Finance, Human Resources, and Information Technology. Lauren also plays a key role in developing and maintaining strategic relationships nationwide and is an active member of AEW’s Senior Leadership Team, contributing to the firm’s overall vision and direction. She also serves on AEW’s Risk Management Committee.

Connect with Lauren on LinkedIn

Follow Jennifer and Accrete Advisors on LinkedIn, visit our website, and subscribe to our newsletter to stay ahead of the trends shaping the future of CRE.

AEW Capital Management, COO Lauren O’Neil: How does a $85.9B global real estate investment manager think about risk, sectors, and where to deploy dry powder in 2026?

Welcome back to Bridging the Gap: Commercial Real Estate Intelligence, presented by Accrete Advisors.

This week, host Jennifer Robertson sits down with Lauren O’Neill, Chief Operating Officer and Managing Director at AEW Capital Management, to break down AEW’s strategies across the risk spectrum and what the firm is prioritizing as market conditions evolve. Together, they discuss how AEW is staying disciplined, underwriting deal-by-deal in micro-markets, and targeting opportunities tied to demographics, replacement cost, and long-term resilience.

In this episode, we cover:

• How AEW is deploying capital across the risk spectrum, from core to opportunistic strategies

• Where the firm sees opportunity today — including senior housing, industrial, and retail stabilization

• The multifamily reset and how underwriting assumptions are evolving across key markets

• AEW’s current stance on office, including allocation, pricing, and what defines “investable” assets today

• Why a micro-market, deal-by-deal approach is critical in today’s environment

If you’re thinking about where institutional capital is flowing — and how top-tier firms are underwriting risk in today’s environment — this is a conversation you’ll want to tune into!

Guest bio: Lauren O’Neil is the Chief Operating Officer of AEW Capital Management and a Managing Director of the firm. Lauren has responsibility of AEW’s day-to-day operations, including working with the firm’s Investor Relations, Finance, Human Resources and Information Technology groups. In addition, she is responsible for developing, maintaining, and expanding key relationships for the firm nationwide. As a Managing Director, Lauren plays an integral part within the firm’s Senior Leadership Team, actively contributing to AEW’s overall strategic vision and direction. Lauren is a member of AEW's Risk Management Committee.

Connect with Lauren on LinkedIn

Follow Jennifer and Accrete Advisors on LinkedIn, visit our website, and subscribe to our newsletter to stay ahead of the trends shaping the future of CRE.

Join us next week for Part Two with Lauren, where we dive deeper into [insert]

Episode Breakdown

00:00 Intro and Meet Lauren O’Neil

01:51 AEW Overview

03:12 Sectors In Focus

05:41 2026 Investing Playbook

07:35 Senior Housing Tailwinds

10:56 Retail Comeback Thesis

12:57 Multifamily Reset

15:02 Office Future And Pricing

17:55 Buy Box And Returns

20:11 Micro Market Mindset

What happens when AI isn’t just innovation, but national strategy?

Welcome back to Scaling Capital, presented by Accrete Advisors.

In Part Two, host Jennifer Robertson continues her conversation with Yi-Shan Huang, Managing Director at BentallGreenOak, to explore how China is accelerating AI adoption through coordinated policy, long-term planning, and infrastructure at scale.

From government-led initiatives to energy strategy and global competition, this episode breaks down how AI is being deployed as a tool for economic growth, geopolitical positioning, and societal transformation.

In this episode, we cover:

• How China’s central government is driving AI adoption through five- and ten-year plans and regional execution

• The role of AI in economic growth, including improving healthcare and education in rural populations

• China’s long-term energy and power strategy, from coal and renewables to large-scale grid control and transmission

• The impact of chip constraints and China’s push toward domestic semiconductor alternatives

• China’s dominance in rare earth materials and what that means for global supply chains

• The release of DeepSeek’s open-source AI model and its broader market implications

• Whether competition between the U.S. and China could ultimately accelerate innovation for global benefit

Guest bio: Yi-Shan Huang is Managing Director for BGO based in New York. She is on the asset management team, where she manages a portfolio of assets across the US and leads special projects initiatives across the platform.

Yi-Shan has over 25 years experience in the origination, underwriting, acquisition and asset management of private equity real estate investments in the US and Asia. She has complete deal lifecycle experience across all real estate asset classes, and substantial investment experience investing across the risk curve, in both open and closed-end structures, as well as cross-border investments.

Connect with Yi-Shan Huang

As AI continues to reshape industries, economies, and global power structures, understanding how different nations approach its development is critical for anyone operating at the intersection of real estate, infrastructure, and capital.

Missed Part One? Start there for a breakdown of AI infrastructure, data centers, and the capital driving this transformation. [add part one hyperlink]

Follow Jennifer and Accrete Advisors on LinkedIn and visit our website to stay ahead of the trends shaping the future of commercial real estate.

What happens when AI demand collides with real estate, energy, and global power dynamics?

Welcome back to Scaling Capital: Commercial Real Estate Intelligence, presented by Accrete Advisors.

This week, host Jennifer Robertson sits down with Yi-Shan Huang, Managing Director at BentallGreenOak, bringing over 25 years of institutional real estate investing experience — including deep expertise across China and global markets.

Together, they unpack how the rapid rise of AI is reshaping commercial real estate — from the explosion of data center investment to the infrastructure required to support the next generation of intelligent systems.

In this episode, we cover:

• The projected $7 trillion investment in data centers by 2030

• The rise of “AI factories” purpose-built for advanced compute workloads

• Why artificial general intelligence (AGI) is driving unprecedented demand for power and capital

• Key U.S. bottlenecks, including energy constraints and policy challenges

• The evolving U.S. vs. China AI race — from research leadership to real-world adoption

Guest bio: Yi-Shan Huang is Managing Director for BGO based in New York. She is on the asset management team, where she manages a portfolio of assets across the US and leads special projects initiatives across the platform.

Yi-Shan has over 25 years of experience in the origination, underwriting, acquisition, and asset management of private equity real estate investments in the US and Asia. She has complete deal lifecycle experience across all real estate asset classes, and substantial investment experience investing across the risk curve, in both open and closed-end structures, as well as cross-border investments.

Connect with Yi-Shan Huang

Episode Breakdown:

00:00 Meet Yi-Shan Huang

01:33 Why Data Centers Are Booming in China

02:25 AI Factories and Bottlenecks Explained

08:51 US vs China Key Players

11:42 Origins of Modern AI

14:37 China Applied AI Surge

19:33 China’s Convenience Economy

Follow Jennifer and Accrete Advisors on LinkedIn, visit our website, and subscribe to our newsletter to stay ahead of the trends shaping the future of CRE.

Join us next week for Part Two with Yi-Shan, where we dive deeper into China’s central government and their involvement in AI.

As private markets continue to scale, institutional investors are increasingly looking beyond traditional acquisitions and organic growth. Strategic partnerships have emerged as a powerful way to access new markets, expand investment capabilities, and deploy capital at scale.

Welcome back to Scaling Capital: Commercial Real Estate Intelligence, presented by Accrete Advisors.

In Part Two, host Jennifer Robertson continues her conversation with Gareth Mee, Chief Executive Officer of Legal & General's Institutional Retirement Business, to explore how Legal & General is leveraging partnerships with firms like Manulife and Blackstone to accelerate growth across asset management, retirement solutions, and private markets.

Together, they discuss what makes a successful institutional partnership, how Legal & General approaches affordable housing and long-term investing, and the investment themes the firm believes will shape the future of global capital allocation.

In this episode, we cover:

• Legal & General's partnership with Manulife and plans to expand across asset management, insurance, and global markets

• The firm's strategic partnership with Blackstone and its implications for private credit, infrastructure, and real estate investing

• How L&G is approaching affordable housing in the UK and creating scalable investment models for long-term impact

• What makes a successful institutional partnership and why cultural alignment matters

• Long-term investment themes including data centers, power infrastructure, renewable energy, housing, senior living, and CPACE financing

• How a 190-year investment horizon influences L&G's capital allocation strategy

Guest Bio: Gareth Mee is the Chief Executive Officer of Legal & General's Institutional Retirement Business, which insures pension schemes and pensioners across the UK, U.S., and Canada. Prior to becoming CEO, Gareth served as CFO of Legal & General Capital, CIO of Private Markets and Asset Management, and CIO of Institutional Retirement, overseeing a portfolio of approximately £94 billion. Before joining Legal & General, Gareth spent nearly 20 years at EY, where he was a Partner leading global investment advisory, UK actuarial, and sustainable finance consulting practices. He holds a First-Class Honors degree in Mathematics from University College London and is a Fellow of the Institute and Faculty of Actuaries.

Connect with Gareth on LinkedIn

Follow Jennifer and Accrete Advisors on LinkedIn, visit our website, and subscribe to our newsletter to stay ahead of the trends shaping the future of CRE.

Episode Breakdown

00:00 Welcome Back and Partnership Strategy Overview

00:31 The Manulife Partnership

03:56 Inside L&G's Blackstone Partnership

07:27 Affordable Housing and Impact Investing

10:07 What Makes a Great Institutional Partner

12:08 Future Investment Themes

15:09 Long-Term Capital Allocation and Closing Thoughts

How is one of the world's largest insurance and asset management firms positioning itself for growth across private markets, retirement solutions, and global partnerships?

Welcome back to Scaling Capital: Commercial Real Estate Intelligence, presented by Accrete Advisors.

This week, host Jennifer Robertson sits down with Gareth Mee, Chief Executive Officer of Legal & General's Institutional Retirement Business, to discuss the company's strategic evolution, global expansion efforts, and long-term vision for growth.

With nearly 200 years of history, Legal & General has grown into a leading insurance, retirement, and asset management platform with over £1.2 trillion in assets under management. Gareth shares his journey from EY Partner to CEO, provides insight into Legal & General's transformation under CEO Antonio Simões, and discusses how the firm is leveraging private markets, pension risk transfer, and strategic partnerships to drive future growth.

In this episode, we cover:

• Legal & General's history, scale, and business structure across asset management, retirement, and insurance

• Gareth's career journey from EY Partner to CEO of Institutional Retirement

• Antonio Simões' strategic vision and focus on capital allocation discipline

• Legal & General's growth plans across private markets and asset management

• Expansion in the U.S. through strategic partnerships and pension risk transfer

• The Meiji Yasuda partnership and plans to grow U.S. retirement solutions

• Why scale, collaboration, and long-term partnerships are central to L&G's strategy

If you're interested in how global insurance companies, retirement platforms, and institutional investors are positioning themselves for long-term growth, this is a conversation you won't want to miss.

Guest Bio: Gareth Mee is the Chief Executive Officer of Legal & General's Institutional Retirement Business, which insures pension schemes and pensioners across the UK, U.S., and Canada. Prior to becoming CEO, Gareth served as CFO of Legal & General Capital, CIO of Private Markets and Asset Management, and CIO of Institutional Retirement, overseeing a portfolio of approximately £94 billion. Before joining Legal & General, Gareth spent nearly 20 years at EY, where he was a Partner leading global investment advisory, UK actuarial, and sustainable finance consulting practices. He holds a First-Class Honors degree in Mathematics from University College London and is a Fellow of the Institute and Faculty of Actuaries.

Connect with Gareth on LinkedIn

Follow Jennifer and Accrete Advisors on LinkedIn, visit our website, and subscribe to our newsletter to stay ahead of the trends shaping the future of CRE.

Join us next week for Part Two with Gareth, where we dive deeper into Legal & General's pension risk transfer platform, investment strategy, and global retirement market opportunities.