Podcast | Intelligent Investment

Slow Ride: PwC’s Carlock & CBRE’s Barkham on where CRE is going in 2023

January 4, 2023 39 Minute Listen

Driving in the woods

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What’s in store for commercial real estate in 2023? Find out what Byron Carlock, PwC’s U.S. Real Estate lead, and Richard Barkham, CBRE’s Global Chief Economist, think.

Slow Ride: PwC’s Carlock & CBRE’s Barkham on where CRE is going in 2023

January 4, 2023 39 Minute Listen

Key Takeaways

  1. Interest rates will start to fall at the end of 2023, but are unlikely to return to pre-pandemic lows.
  2. The built environment will need to be significantly redeveloped in many cities. Think: “location, location, conversion.”
  3. Quality of life will be an increasingly important metric for commercial real estate success going forward as people seek wellness, green space and walkable cities.


Photo of R. Byron Carlock, Jr.

R. Byron Carlock, Jr.

U.S. Real Estate Practice Leader, PwC

Byron Carlock leads PwC’s U.S. Real Estate Practice. With 35 years of experience serving the industry, he brings extensive knowledge of the full real estate life cycle including matters ranging from strategic planning and property transaction advisory to capital formation, and business plan execution. In addition, he has expertise in governance, board matters, mergers and acquisitions and corporate conflict matters. Byron has experience advising major clients including corporate owners and users, developers, hospitality organizations, investors and REITs.

Photo of Richard Barkham, Ph.D.

Richard Barkham, Ph.D.

Global Chief Economist, Head of Global Research & Head of Americas Research

Richard Barkham leads a global team of nearly 600 research experts who help CBRE’s clients understand the forces shaping the commercial real estate industry.

One of the world’s leading real estate economists, Richard combines the theoretical framework of an academic with hands-on experience in development to deliver actionable insights for real estate investors and occupiers. A frequent source for both clients and journalists navigating moments of economic volatility, he is particularly interested in the role government stimulus plays in long-term economic recoveries.

Richard began his career as a professor of economics and land management at the University of Reading, where he earned his Ph.D. He is the author of two books and numerous academic and industry papers on the topics of real estate and entrepreneurship, including the acclaimed Real Estate and Globalisation (Wiley Blackwell, Oxford), which explains the impact of the rise of China and Brazil on real estate markets.

After more than a decade, he left academic life for the private sector, serving first as Head of Projects and Consultancy at CB Hiller Parker and later as Director of Research at the London-based property powerhouse Grosvenor Group. He was also a non-executive director of Grosvenor Fund Management, where he was involved in fund strategy, risk analysis and capital raising. He joined CBRE in 2014 as Executive Director and Global Chief Economist. He is also the Chairman of CBRE Econometric Advisors, a specialist real estate forecasting unit.

Richard is Visiting Professor of Economics at the Bartlett School of Architecture at University College London. An avid skier and sailor, he resides in Boston and enjoys spending time with his three grown children.


Photo of Spencer Levy

Spencer Levy

Global Client Strategist & Senior Economic Advisor, CBRE

Spencer Levy is Global Client Strategist and Senior Economic Advisor for CBRE, the largest commercial real estate services firm in the world. In this role, he focuses on client engagement and public-facing activities, including thought leadership work performed in conjunction with CBRE Research. He also serves as Co-Chair of the Real Estate Roundtable’s Research Committee.

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