Neuberger Berman highlights how a 13% drawdown in real estate values since 2022, combined with thawing debt markets, is opening a window for GP-focused capital solutions
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Public REITs have underperformed the S&P 500 by ~60%, with valuations at discounts to private markets.
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CMBS issuance rebounded to ~$157bn in 2025, signaling improved capital access and price discovery.
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Secondaries and GP-led recapitalizations are accelerating, offering entry into seasoned portfolios amid liquidity-driven selling.
Is this a cyclical bounce—or structural consolidation through operator partnerships? The full paper assesses the opportunity set.
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