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Spencer Levy
Global geopolitical events, particularly in the Middle East, have created an atmosphere of uncertainty. That's not breaking news for you listeners. But on this episode we seek to broaden our perspectives with views on the Europe-Middle East Africa region, otherwise known as EMEA. Leaders from CBRE Investment Management offer an international cross-sector take with a special focus on the state of the European market.
Achal Gandhi
If you look at economies around the world, we're generally seeing this kind of K-shaped economy today. So what we're trying to do is actually lean in to both parts of the K.
Spencer Levy
That's Achal Gandhi, CBREIM's Chief Investment Officer for Indirect Real Estate Strategies, a division of the CBREIM platform, managing $50 billion worth of assets worldwide. Achal is based in London, which recently hosted the company's annual client symposium
Rik Eertink
And if I see what the facts are telling us, the power of the platform is taking off.
Spencer Levy
And that's Rik Eertink, CBREIM's president and CIO for EMEA Direct Real Estate based in Amsterdam, a position in which he oversees more than $40 billion of investment in physical property, aka direct real estate. Coming up, we bring you to London and we seek strategic insights with an insider's outlook on the economy in Europe. I'm Spencer Levy and that's right now on The Weekly Take.
Spencer Levy
Welcome to The Weekly Take, live from London, and I am delighted to be here with our friends from CBRE, investment management, starting with Rik Eertink. Rik, thanks for coming out.
Rik Eertink
Thanks for having me.
Spencer Levy
And Achal Gandhi, second appearance on the show.
Achal Gandhi
Yes.
Spencer Levy
Hopefully it won't be your last, but starting with you, Achal, what is the one takeaway you would like our audience to get from your comments today?
Achal Gandhi
We're in a higher for longer environment, and in that environment it's NOI growth that's going to dominate real estate returns. And so while thematics are important, you need to marry those thematics with asset selection, execution, and operator capability. And so as a result of that, because we're in the world where real estate across property types is bifurcating. Into a cohort of assets which deliver strong NOI growth potential and then the rest of the assets, really you need to have a really wide execution capability so that you can give yourself the best opportunity to access those assets in that NOI Growth Potential cohort. And then you need an operating partner that can actually turn NOI potential into realization. So, to put it in a nutshell, what I would say to investors is that you need to be wide in terms of your execution access and then you need to be narrow in terms of your operator exposure and really focus on those operators with strong track records and robust big underground teams.
Spencer Levy
Great, and Rik, I'm gonna ask you the same question. We're gonna be talking about a lot, but sum it up, the one takeaway you'd love our audience to have.
Rik Eertink
I think ultimately it all comes down to the power of the platform and we can go indirect via our business working together with best-in-class external operating partners. And in my case we offer these three in-house operator divisions in logistics, in the living sector growing 20% year-on-year and the urban destinations with a lot of runway left as well. And if I see what the facts are telling us, the power off the platform is taking off.
Spencer Levy
Back to you, Achal. You mentioned a couple of times about operations, NOI. How do you see today's market as different than it was five years ago because of the need for cashflow upfront versus backend?
Achal Gandhi [00:04:00] I think everything today is about high in-place income and resilience in cash flows. And so if you look at economies around the world, we're generally seeing this kind of K-shaped economy today. And so what we're trying to do is actually lean into both parts of the K. So at the bottom end of the spoke, we are focusing on necessity-driven real estate. So things like non-discretionary retail, so retail parts within Europe, where spending is non-despressionary. Income is high and you have some inflation protection. We also like continental European student accommodation because you have low provision rates and it's affordable. We like mass market residential across Europe and we also like certain formats of logistics, particularly infill, last-mile logistics and industrial outdoor storage, which by definition are mission critical. So that's the bottom part of the K. Also on the other side of the spectrum, the top part of the K, we like what I would call price inelastic consumers and the real estate that benefits from that. So luxury hospitality, resorts, private-pay health care, and also higher end senior living facilities. So if you take those two buckets, they both have high in-going income. They have resilient cash flow streams. And they have the ability to drive NOI growth. So that's the focus for us today.
Spencer Levy
What K-shape really means is that we have two economies in the world today – those that are the high earners, those that not the high-earners, and there seems to be a separation between the two – but you seem to be getting the best of both worlds from a real estate perspective as you're capturing the inelastic demand from the high earnings, and also the necessity items from the people that aren't earning as much. Fair way to put it?
Achal Gandhi
Yeah, that's perfect.
Spencer Levy
So, Rik. You mentioned the term–the areas of your focus, living, logistics, urban destinations. I am not afraid to say office, are you afraid to say office?
Rik Eertink
I'm absolutely not afraid to say office. I will come back to that. The reason why we have created the Urban Destinations Division has to do with the constantly changing needs of the end user of these urban destinations. Let me explain. We have learned over the last decade, and we will not give up on that for the coming decade, that retail is much more than shopping to be successful in a sustainable way. I can make the same statement around offices as well. Office is so much more than a working place, if you want to be successful. You need skill, you need the right asset business plan, and you need an operator who, end user-led, is really driving that business plan in the best possible way. Is it tough? Sometimes, absolutely yes. Is it selective? Yes, for sure. So if I look at Europe, our total office exposure in Europe, Two-third of it is allocated to four main hubs. London, where we're sitting today, Paris, where we have set a record rent level for the Paris market, fantastic, a few cities in Germany, and given historical reasons, the place, Amsterdam. These four hubs are having a market share of more than two-thirds of everything that we do in office. And that percentage, lately, will not change in the coming cycle. We want to do much more, but on a few selective locations to really make the difference there. That is, for me, the answer about navigating through in offices.
Spencer Levy
Before we get into asset types, I want you just to explain to the audience why now is a particularly good time to look at secondaries because of market conditions, because of illiquidity. What's your point of view?
Achal Gandhi
Sure. Well, maybe I can start by actually defining what secondaries are, because maybe there's familiarity or there isn't. So the way we define secondaries is that it's any transaction where equity is exchanged in the capital stack, but the underlying operating partner remains in place. So that generally takes place in two forms. You can have LPs who are selling their interests in underlying funds or vehicles. We call that LP-led secondaries. Or you can have operating partners who are looking to recapitalize assets from their balance sheet or replace the LPs that they have in a venture. We call them GP-led secondaries. Our focus, even though we can execute across both, is really majority-controlled, GP-led secondaries because there we can cherry pick assets, we can cherry pick the operating partner, we can underwrite the business plans and we can reset governance. So that's a kind of 101 on secondaries. You asked why is it such a compelling investment opportunity today? If you could choose the set of conditions for an optimal secondaries execution, what you would choose is a low point in the capital value cycle and that's what we have today. You would pair that with pent-up liquidity requirements, we have that today, and you would then also want ongoing capital markets dislocation and because of geopolitics and what's happening around the world and with bond yields you are going to get ongoing capital markets dislocations. So today you have this perfect congruence of all three factors and that's what makes secondary so compelling today.
Spencer Levy
But one of the interesting things in our pre-discussion was that I was surprised that a disproportionate amount of these secondaries are taking place here in Europe rather than the US. Why is that?
Achal Gandhi
I think that's probably a different set of factors and that's really around the macro story in Europe. So I think Europe has quite a few things going for it today. One is that you have a positive property yield spread over bond yields. Two, you have accretive financing. Three, occupier markets are relatively healthy. And then finally, you never really had the run up in supply pipelines in Europe like you did in the US. So the supply overhang is just less. So when you put those four factors together, Europe is showing much more value than other regions around the world. And then when you pair that with an execution strategy, which is secondaries, it means that we've just been incredibly active in the European space. That doesn't mean that we haven't been investing in the US and other regions, it just means that Europe has been more attractive.
Spencer Levy
So Rik, one of the things that Achal just mentioned I think is absolutely critical for global investors that can have choice. I hear you can buy in Asia, buy in the U.S., which is positive leverage. Even today in the United States, for the best apartments, for the best logistics, you're hoping for neutral leverage and sometimes taking negative leverage. That's not the case here in Europe, is that correct?
Rik Eertink
In most cases, that's correct, especially if you have the development angle, you should be slightly more careful, especially in the residential sector. On average, it's right. Let me just give one example. We have closed, less than two weeks ago, our second green bond for one of our pan-European logistics strategies where we were able to get an all-in coupon below 4%, which we can use across EMEA. Which we can use for standing investment, but also to fund our development pipeline as well. And then it's very, very creative, and therefore I'm fully with you on your statement.
Spencer Levy
So, let's open the risk spectrum for a moment. We talked about asset types, we're going to talk a little bit more about markets. You just opened the door to development, to building. Today, Europe, build versus buy. What do you say?
Rik Eertink
It depends on what the investor-client of the product is looking for. But let me give an example in the residential sector. If you want to get access to modern residential, access to pipeline is a key thing to organize. So that's one. If you look at the main European or the main residential markets in Europe, the biggest residential market in Europe is Germany. So let's start there. If you see what's happening at the moment in Germany, there is a real issue for developers who have been over leveraged over the last period. So if you have, with long-term core capital, the opportunity to recapitalize developers in the German markets, it's a real opportunity to drive sustainable value. So that's what we see in the German market. If you look at the Dutch landscape, we are working together with a long-term partner to really help solve the affordable housing situation in the Netherlands at scale. That was 15 months ago an idea. We have deployed roughly a billion today. That's progress. And finally, we see in this market, even in the UK, a window opening for single-family housing product as well. So in the three main markets around Europe, access to pipeline is something you need to get modern residential in your portfolio and this is the way how we approach it.
Spencer Levy
So actually, in Rik's comments, he was very focused on basically four markets. London, Paris, Germany, Amsterdam. But given the nature of what you do with teaming with local operators, you can expand that pie. And one of the places that I speak a lot about, I'm a big fan of, is Southern Europe: Lisbon, Portugal, Spain. How does secondaries give you the opportunity to do things there that maybe Rik's direct investment might not?
Achal Gandhi
Well, I guess one of the comments about Europe is that a misconception among investors is that Europe is one homogenous place. It's not. You have different drivers in different countries. And today, we actually like the opportunity in Spain, Portugal, Ireland. We like the opportunities in Netherlands and the Nordics. And because of the fiscal handbrake that's been loosened in Germany, we're starting to like the option there, too. Our ability to partner with local specialist operating partners, not just in secondaries, but across execution formats, just gives us more ranges of options to access those markets. And when you couple that with the fact that we like sectors with higher income, some of those sectors, like health care, real estate, student accommodation, industrial outdoor storage, the prime markets for those assets may not be these gateway, prime office markets like London, Paris, Amsterdam, etc. So having that focus on those higher income sectors but also being able to access them via operating partners just means that we have that broader view.
Spencer Levy
And so, Rik, back to you. I think the fundamental difference, not the only difference, but a fundamental difference between what Achal's talking about in indirect and what you're talking about in direct is that IM, CBREIM can actually run these deals directly so we don't need that third party. And given today how important income is, that may represent a competitive advantage.
Rik Eertink
Yeah, that's one. But the second point is: Strategy is being crystal clear where you have a long-term right to win. We have a a long term right to play in the urban destinations which I've explained. We have long term rights to win in the markets we operate on the residential side at scale. We have a right to win in the logistics field but the other side of strategy is being crystal clear where you are not market leading yourself. And then you have the opportunity to work together with external operating parties to make that happen. That's the beauty we have combined, but that's also what I use in the direct engine of what we do as well. And let me give one example. In Italy, we are working as one of the first movers in PBSA. Very attractive. It gives us, let's say–
Spencer Levy
PBSA, is that student housing?
Rik Eertink
Student housing, correct. We are one of the first movers into that market and we are working together with an external operating party, CampusX, and together we are building the proposition. So even within the direct real estate engine you can make these kind of things happen but what you need for that is local understanding and combine that with platform relative value where is the best investment opportunity out there and that's what Achille and I are doing all the time in the region and in Achal's case globally. That's CBRE investment management.
Achal Gandhi
Yeah, and I'd say just to add to that, investors today are really just looking at how to execute the best, access the best real estate. Whether that's direct or indirect or listed, I think investors are much more flexible today. Really they want to be partnered with a manager that can do all of the above and give them access to the best assets with the best operating partners. And Rik mentioned the power of the platform and that truly is the power of the investment management business at CBRE, is that we can execute through different channels And those different channels all have different pros and cons, but when you put that together you can construct a portfolio that's extremely resilient and has that kind of income profile that investors are looking for today.
Spencer Levy
Now, when you're going into some of these smaller markets, it may be more challenging. Challenging may be the wrong word. But how do we actually go about picking the right op? Are we picking the real estate first, or are we picking the operator first?
Achal Gandhi
The two go hand in hand, but really we're a real estate first investment management business. So you can have the best operator in the world, but an inferior asset is going to be very hard to turn around. So the first thing is picking high quality, well located real estate that's fit for the occupiers. And we've mentioned real estate across all sectors is becoming more and more operational. So you have to have the right asset and then you have to marry that right asset with the right operating partner that can drive the returns. But it all starts with the asset quality.
Spencer Levy
So, Rik, you mentioned the four big markets you're also going back to your term, urban destinations. I'm going to give you just a trend we're seeing in the United States. We have this thing we now call CBD-adjacent, meaning there are a lot of dense urban cities that are struggling in their CBDs, but one ring outside of that, they're doing well. One example I might give you is Los Angeles. Another example I give you might be Dallas. Dallas has an incredible ring but downtown Dallas is struggling. Are you seeing any of that here in Europe?
Rik Eertink
I think we should be very careful by making the comparison – CBDs, U.S. versus Europe. Achal was already making the comment Europe is not one market, it's extremely different. I've lived myself five years in the Nordics. I thought in the beginning the Nordic is a regional investment market. I know now it's four completely different markets. If I want to have a city conversation with you about Germany, Germany is even not one country. It's 16 different federal states with all slightly different regulations how to grow the most successful cities out there. So I think it's crucial to understand not on a global level but locally how a city is developing and on the back of that connecting, on a relative value, the dots on platform level to navigate well.
Achal Gandhi
I would actually say that what you characterized in the US, the opposite dynamic is true in Europe. So actually the CBDs and prime centers within key gateway cities across Europe, they're the places that are doing actually pretty well. So if you think about London, West End, you're seeing significant rent increases. If you think of that CBD Paris rather than La Défense. If you think about Amsterdam. So actually it's a different dynamic in Europe than it is in the U.S. where the prime office cordon is shrinking into those best sub-markets within the CBD.
Spencer Levy
Let's expand the conversation on logistics for a moment because logistics is a big space. It goes from small bay to distribution and then you can keep expanding that conversation into data centers, which is the tweener between industrial and infrastructure. You then go into IOS. So just talk to our audience for a moment about which segments of industrial you like today.
Rik Eertink
It's for us really the combination. We have more than eight million square meters of logistics exposure in Europe. We really like the big box setting, but more in a retail park environment where we can really drive NOI with our operator approach. That's one. We are building urban logistics around the main hubs in Europe, especially in a market like this in London, where we create modern logistics, urban logistics, and make the difference there. But if we want to get exposure to the IOS field, which is, let's say, still embryonic, which is getting more and more institutionalized, that's the moment that I hand over to Achal to make a few comments on that. Because that's how we should work together, that there we want the leverage on the expertise available on the indirect side of the ice. Maybe over to you.
Achal Gandhi
Thanks, good segue. So IOS, it's industrial outdoor storage. It's a sector that's been institutional in the US for a number of years. We've been invested in it in the U.S. And it's now starting to institutionalize across Europe. Essentially industrial outdoor storage is infill outdoor storage facilities. So these are kind of mission critical assets for manufacturers and tenants, but really they store their plant machinery goods, and they don't really need a building. It's outdoor storage. So what are you looking for for IOS? You need it to be infill. And why we like that is because you have higher residual land value, which gives you downside protection. You have very low site coverage of the building over the land because you want to maximize your outdoor storage space. So what that means is that your capex burden from IOS is incredibly low because you don't have a building to maintain. And you also have really kind of negative supply because in these infill locations, there's higher and better use for these IOS sites, be that logistics or be that residential. So those are all of the positives about industrial outdoor storage. The one key negative is that it's incredibly granular. So it's hard for institutional investors of scale to actually access portfolios of IOS. And so that's why we've been aggregating it. We've been in partnership with a local specialist operating partner in aggregating IOS assets across the Netherlands. We're also doing the same in Germany. In fact, in Germany, we think IOS is one of those sectors which is gonna really benefit from the increase in infrastructure spending and defense spending. So really we're creating the institutional product for the market because it's too granular for those investors to access it today.
Spencer Levy
I want to go back for a moment to living. When we're thinking institutionally, often we're thinking solely about multi-family, large apartment blocks. You define it.
Rik Eertink
If you look at the living sector we play as an investor-operator it starts with us with multi-family and we see a structural undersupply almost in every European city out there. But if you want to play in the right way investor-operator wise you have to choose your markets so we have built over the last four to five years and then European residential platform active in the main markets being Germany. The Netherlands, the UK, the southern part of Europe, and a small part of the Nordics. Within that philosophy, we are playing the PRS, the private rental segment, at scale. And we are not only doing that for a pan-European fund. But the moment that we are building scale in a market, we are also able to go slightly more niche. I gave you already the example of PBSA in the Italian market. I gave already the examples of single family housing in the UK market, which we are starting to build out. So even within the living sector, there are different ingredients for defining the theme for the different investor clients we represent.
Spencer Levy
Achal, when you're looking, we already went through the operator versus the real estate, and Rik went through living, logistics, urban destinations. What are you looking for first? Are there other areas that are niche-y that you think might look interesting today?
Achal Gandhi
So, like I said, because of our remit, we're able to invest with different operating partners around the world, and that just opens up the sector landscape for us. So we've always been an early entrant into emerging growth sectors, so things like student accommodation, senior living, healthcare, real estate, be that medical offices or hospitals, and sectors like industrial outdoor storage. All of those sectors we're active in today, so to give you an example or that continental European student accommodation, similar to what Rik mentioned. We've always been active, I guess, since 2006, really, in UK student accommodation. It's been a strong theme for us, a strong performer, but we started to notice, really about two, three years ago that the leasing for the next academic year was starting to weaken and supply had increased in the sector. So we were able to exit out of our UK student accommodation positions, and tilt into continental European student accommodation for all the reasons we outlined earlier – low provision rates, increasing demand, strong affordability. And there we've really invested in scale. So we've put 900 million euros with an operating partner and have now built out a portfolio of student accommodation across Europe.
Spencer Levy
Let's touch on that word scale for a moment because I think Rik's point on going to the major markets is because you have that scale you can operate but you also have exit liquidity how much even though I'm now talking out of the other side of my mouth I say it's all about income you still got to worry about that exit liquidity do you have a longer time horizon is it flexible how do you think about it when you're going to some of these smaller markets
Achal Gandhi
In the example I'm giving, I'm not really going into smaller markets. I'm going into prime European student accommodation markets. And so that could be markets like Amsterdam. It could be Madrid, Barcelona, Florence. These are prime student accommodation markets where you have strong demand, the best assets. And ultimately, it's having the best assets that drives liquidity. And so that is the entire game today in whatever sector, whatever region that you're looking to invest in. It's have access to the best asset because one, it not only allows you to unlock and a wide growth, but two, it means that across a capital market cycle you will always have liquidity if you have the best quality assets.
Spencer Levy
Achal, we seem like we're in this unique window right now, where secondaries are at the perfect confluence of capital markets, illiquidity, low price point. How long does that last?
Achal Gandhi
I get this question a lot, and in fact, I got the question three years ago when we really started discussing secondaries as a compelling investment opportunity with our investors. At that point, my answer was 18 to 24 months is this incredible window for investing in secondaries. That period has just elongated because of this macroeconomic environment that we've been in and a higher for longer rate environment. And I think that that is just going to continue to elongate. So sitting here today, the investment opportunity in secondaries is better than it was two to three years ago. And we still think that that is gonna be the case for the next at least two years. But what I would also say, kind of coming back full circle to the start of the podcast is that. You want to have the widest execution capability. So for an investor, secondary should just be in your execution armory at all points in a cycle, because why would you want to limit yourself to just one execution route? You should have a really broad execution access at all point in the cycle so that you can tilt between those execution routes and unlock value.
Spencer Levy
One of the trends in America today is, similar to what you just said, Achal, is we used to have a focus in America, particularly in the publicly traded sector, that if you're an office person, that's all you did. If you're retail, that's all you do. Has that changed in your opinion in the last few years, Rik, where you might expand the aperture. You're not just an office person, you have to expand it in order to create demand, create using the same word that Achal used about IOS.
Rik Eertink
I think it's a crucial point. If you look at what we do, we not only try to make the difference within the sector, it's also about connecting the dots across sectors. And there is a reason why we have crafted the urban destinations division, and that has nothing to do that we don't want to speak about offices, it's about the combination, where is the magic. But what I also want to see in the platform constantly, with an operator lens on, I want to bring the best of shopping center management into how we manage our communities for the multifamily environment which is much more community building than it was in the past. There is a real opportunity now with also technology and AI to get to the end users of these communities as well. And if I move to logistics, we drive most of our NOI growth in the retail parks and also the park approach there is crucial and I can go on. So it's not only about creating value within the sectors. But by connecting the dots across sectors, that's the real platform value.
Achal Gandhi
Yeah, I think that just plays into what we've been talking about with respect to real estate becoming more and more operational and occupiers demanding more from their buildings. What we see is occupiers wanting buildings to generate profit for them, generate efficiency, be sustainable, and also generate experiences for their employees and their customers. And so if you take all of that together, it just naturally means that buildings are going to be more operational, and you're going to get more stories like the one that you just told, Spencer.
Spencer Levy
Is this a data point or is this a seminal shift in the business about how occupiers are looking at these buildings and saying, you know what, I need to create this super bowl of amenities for my employees so that they will come in and be more productive? What do you think?
Rik Eertink
There might be a few occupiers able to do that around the globe. But what we see in our portfolio, we have the World Trade Center in Amsterdam. That's the place for more than 300 occupiers, forming that community in the World Trade Center Amsterdam, it has the scale of more than 150,000 square meters. What we have done in our operator philosophy we have taken a very important following step in how we are managing that building. We have created a new position which we call the mayor of World Trade Center Amsterdam and we have someone with a hospitality background coming from one of the luxury hotels in the Amsterdam market to drive end user value in that destination. She is with us less than a year now. And next time, when you're over in Amsterdam, we will visit the place together. And I can guarantee you that place is getting more and more to life, not only thanks to data, not only thanks to AI, not thanks to your amenities, but she is able to connect the dots of the community and bring it alive. And that is, for me, the next step in working through these kind of locations.
Spencer Levy
In the United States, we might call that a concierge approach.
Rik Eertink
I like my term much better and I will explain why because for me the World Trade Center Amsterdam has an international atmosphere which is a good thing to have but if you really want to create World Trade Amsterdam you also have to focus on the last part of that title and that's Amsterdam. You should ingrain it locally. And I think a mayor is much better able to work through the stakeholder field of that community in case the Amsterdam market, then the concierge with all respect can do. So that's the reason why I continue to crack on with, we have a mayor of the World Trade Center Amsterdam active in our building.
Achal Gandhi
I may give an investor's view because that was very much an operator's answer, which is to kind of talk about amenities. Amenities need to have a purpose. No one's gonna pay for over-amenitized buildings. You're not gonna get that in rent, and you're not going to get that value. So amenities really need to have a purpose, and if you think about what we've said throughout this entire podcast is that returns are driven by income and reducing your capex leakage. And so, yes. Have amenities if they really drive occupational demand and drive NOI growth, but over-amenitizing a building, frankly, just leads to more capex. So that's an investor perspective for you, Spencer.
Spencer Levy
Okay, so we're gonna ask a wrap-up question now, and really the broader question. Next three to five years, what do you see as the greatest opportunities in direct investment?
Rik Eertink
It's an end-user led strategy really underpinned by a local understanding in almost a zip code level what's happening around Europe, but connecting that on platform level within sector, across sectors to navigate well. So it's impossible to give you the exact asset, the right asset investment solution three years from now but with all the ingredients in-house, locally and on platform level. We will find the best relative value out there, and that's the power of our platform.
Spencer Levy
Achal, same question to you, what's your outlook for the next three to five years?
Achal Gandhi
I'm probably gonna sound like a broken record, but you can't then, excuse me, of not being consistent. I think if you wanna outperform over the next three to five years, you have to have the best quality assets, you have the widest execution remit, and you have partner with the strongest operating partners. You can do that via secondaries, you can do via direct investing, you can that via joint ventures, but you have those three conditions because everything outside of that is going to struggle from a performance perspective.
Spencer Levy
Well, on behalf of The Weekly Take, let's hear it for Rik Eertink, the President and CIO of EMEA Direct Investments. Rik, great job.
Rik Eertink
Thank you.
Spencer Levy
And for Achal Gandhi, CIO of Indirect Investment Strategies, for CBREIM, great job. Second time on the show. We'll not be your last. Thank you to our panel. Thank you on behalf of The Weekly Take.
Achal Gandhi
Thank you so much.
Spencer Levy
For more insights, you can check out our archive to find expert outlooks, such as our recent updates with CBRE's Global Head of Research, Henry Chin, as well as insiders from other markets and sectors, and deep analysis of various capital markets as well. You can find those on our website, CBRE.com/TheWeeklyTake, or on your favorite podcast platform. We'll be back in the States next week to bring you more from the world of commercial real estate – a summer packed with great guests and special events. So stay tuned! Thanks for joining us. I'm Spencer Levy. Be smart. Be safe. Be well.
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