How does an $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 is responsible for 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

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Join us next week for Part Two with Lauren.

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

In Part 2 of this two-part episode of Scaling Capital, Jennifer continues her conversation with Katarina Hapsari, Founder & Managing Partner of Aurem International Assets. Katerina shares what it takes to deliver a city-scale development on coastal land, integrating urban planning, climate resilience, and smart infrastructure to sustain growth through 2100.

The conversation breaks down the disciplines required to execute a project of this magnitude, from flood protection and utilities to engineering and environmental safeguards. They also unpack the $20B+ capital structure behind PIK, including self-funding, public-private partnerships, and private equity. PIK serves as a powerful case study for building resilient, future-ready cities in emerging markets.

Music is Happy G by Mr Smith from the Free Music Archive, CC BY.

In Part 1 of this two-part episode of Scaling Capital, Jennifer Robertson speaks with Katarina Hapsari, Founder and Managing Partner of Aureum International Assets. She discusses leading the development of one of Southeast Asia’s most ambitious mixed-use projects, PIK, a massive, world-class, multi-billion-dollar, waterfront city development near Jakarta, designated as a National Strategic Project.

Katarina shares insights about managing and coordinating the development of a 6,000-hectare (14,000-acre), multi-billion-dollar community, designed as a true live-work-play environment. Together, they explore public-private partnerships, large-scale urban planning, integrated infrastructure, and the resulting social and economic benefits. A compelling conversation on leadership, placemaking, and executing real estate at the city scale.

*Music is Happy G by Mr Smith from the Free Music Archive, CC BY.

In this episode of Scaling Capital, host Jennifer Robertson sits down with Laura Rapaport, CEO & Founder of North Bridge, to unpack how C-PACE is being used today to lower the cost of capital and bring greater flexibility to complex real estate deals.

They explore how early integration, thoughtful structuring, and a deep understanding of how buildings are built can improve outcomes for developers, owner-operators, and lenders. From value-add projects to ground-up development, this conversation offers practical insight into how C-PACE can help projects move forward in a challenging market.

Learn more about North Bridge:

https://www.northbridgeops.com/

https://www.linkedin.com/company/northbridgeesg/

*Music is Happy G by Mr Smith from the Free Music Archive, CC BY.

In this episode, Jennifer Robertson sits down with Laura Rapaport, Founder & CEO of North Bridge, to demystify CPACE and its evolving role in today’s real estate capital stack. Laura explains what CPACE is, how it works, and why it should be viewed as an integral part of a commercial property capitalization — not just green financing.

They explore how CPACE can be used across asset classes for new construction, value-add renovations, acquisitions, refinancings, and bridge capital. The conversation covers lookback financing, delayed draws, and how CPACE can lower the cost of capital, reduce recourse, and improve project viability.

Learn more about North Bridge:

https://www.northbridgeops.com/

https://www.linkedin.com/company/northbridgeesg/

*Music is Happy G by Mr Smith from the Free Music Archive, CC BY.

In this episode, Jennifer Robertson sits down with renowned economist Richard Barkham, former Global Chief Economist at CBRE. Richard explains how office vacancies are beginning to stabilize and why a new office cycle may be emerging.

They explore the industrial sector’s shift toward consolidation, the impact of tariffs, and the ongoing “flight to quality”. The conversation moves to retail—now one of the healthiest CRE sectors due to limited new supply.

Richard also discusses multifamily’s strong absorption and future construction trends, as well as how slowing immigration and millions of retiring boomers could reshape labor markets, growth, and housing demand.

Music is Happy G by Mr Smith from the Free Music Archive, CC BY.

In this episode, Jennifer sits down with Richard Barkham, former Global Chief Economist at CBRE, for a wide-ranging discussion on the state of the global and U.S. economies heading into 2026. Fresh off the ANREV Conference in Singapore, Richard shares insights on investor sentiment across Asia and how regional trends connect to global capital flows.

The conversation dives deep into the U.S. outlook—covering the surprising resilience of 2025, the ripple effects of tariffs, the role of AI-driven growth, and the potential risks tied to fiscal policy and market corrections.

From manufacturing shifts and consumer strength to Fed strategy and long-term interest rate expectations, this episode offers a grounded yet forward-looking view of what may shape real estate and the broader economy in the year ahead.

Music is Happy G by Mr Smith from the Free Music Archive, CC BY.