The next downturn is here. How will CRE debt hold up?

In this note, we examine the performance of the CRE debt market during the 2008 global financial crisis (GFC), compare the state of the pre-GFC and pre-COVID markets and use this framework to analyze the potential impact of COVID-19 to the CRE debt market.
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Q2 2020 Commercial real estate outlook: A storm rolls in

The outbreak of COVID-19 has caused an unprecedented dislocation in economic activity, thrusting us squarely into the unknown. We assess the current economic reality, the state of the CRE market as it entered this crisis, and what we’re watching as we progress through it.
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Where has all the diversification gone?

In this research note, we discuss what happens when many traditional sources of portfolio diversification fail, and how liquid alternative funds may offer a compelling case for diversifying exposure.
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