How will we get out of the problems in the office sector in the US? How will we solve the housing crisis? Will we see an escalating environment of global trade tensions getting in the way of cross-border investing? What do you do if you can’t count on dropping interest rates?

Spencer Levy is the global client strategist and senior economic advisor at CBRE—and someone who’s never afraid to tell you what he thinks. In the latest mini-episode to post in our series about commercial real estate in 2025, he answers these questions and more.

“I think the big thing is that for the last ten years, a lot of people in our business did a lot of successful, profitable deals because cap rates were compressing,” Levy says. “Cap rates have now expanded… so next year, and probably for the next several years, we’re going to see who are the really good real estate operators.”

Other themes:

- Why it’s going to be more of a sub-sub-market selection game

- Why office will surprise us in 2025

- Why appraisers and regulators need more love in 2025

Watch the video or listen to the audio episode for answers.