Real Estate Reset: Liquidity and GP Capital Shape the Next Phase

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 

• Public REITs have underperformed the S&P 500 by ~60%, with valuations at discounts to private markets.

• CMBS issuance rebounded to ~$157bn in 2025, signaling improved capital access and price discovery.

• 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.