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A thematic piece on private real estate and infrastructure as portfolio building blocks, citing low correlation to public assets and six-year-high institutional appetite for real estate in 2026. High-conviction themes span data centers, logistics, rental housing, and energy.
Blackstone President and COO Jon Gray writes that real estate is approaching the steeper phase of recovery, citing record leasing at Link Logistics, up 38 percent year on year, and New York City office leasing at levels not seen since before the pandemic.
Blackstone's Global Head of Real Estate argues the sector has reached an attractive entry point, with construction down 60%+, debt costs down ~40% since 2023, and valuations only modestly off their trough. Conviction themes include data centers, warehouses, and rental housing.
The Office of the CIO outlook highlights macro events on the horizon in 2026, including Federal Reserve leadership changes, tariffs and US trade policy uncertainty, and the US midterm elections. The views draw on insights from more than 270 portfolio companies and roughly 13,000 real estate assets.
Blackstone President and COO Jon Gray argues the conditions are in place for a strong dealmaking environment in 2025, including in real estate, which he sees continuing on a path of recovery alongside infrastructure investment opportunities.
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