Podcast | Intelligent Investment

The Waiting: PGIM’s Cathy Marcus on when and where capital will find opportunity

September 12, 2023 37 Minute Listen

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As the global capital markets wait for asset repricing and interest rates to peak, global investment management firms like PGIM see opportunities in sectors such as multifamily, industrial and retail. PGIM Real Estate’s Cathy Marcus offers insights on capital flows.

The Waiting: PGIM’s Cathy Marcus on when and where capital will find opport...

September 12, 2023 37 Minute Listen

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Unique insights on what matters most today in commercial real estate.

Key Takeaways:

  1. Capital flows into commercial real estate will recover as the interest rate hiking cycle peaks and asset repricing becomes more widespread.
  2. Local cultures and market conditions play an important role in global real estate investment decisions.
  3. Sustainability is still top of mind, but lack of reliable metrics to measure progress is a concern.


Photo of Cathy Marcus

Cathy Marcus

Managing Director and Global COO, PGIM Real Estate

Based in Newark, New Jersey, she is responsible for overseeing PGIM Real Estate’s business and investment operations globally, and for the development and implementation of PGIM Real Estate’s equity strategy and operations in the United States, including oversight of U.S. portfolio and asset management. Effective October 1, 2023, Cathy Marcus will become co-CEO of PGIM Real Estate. Cathy is a member of the Global Management Council, the Global and U.S. Investment Committees, the Global Operating Council, the Global Product Committee and the Valuation Committee. Previously, Cathy was senior portfolio manager for PGIM Real Estate’s flagship core equity real estate fund, with responsibility for all aspects of managing the fund, including portfolio strategy, investment decisions and management of the team.


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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