56 CRE Heavyweights Spill Their Secrets For 2025 Success
You could say CRE has always been defined by three things: innovation, perseverance and optimism.
That last one might draw a knowing chuckle — especially as we look back on 2024 and the tumultuous years since the pandemic. The higher-for-longer interest rate climate, inflation's chokehold on construction costs, jarring political shifts, seismic changes in how society interacts with the built environment (office space, anyone?), a mounting housing crisis, tenant uncertainty, looming loan maturities and so much more have all kept the industry on its toes.
What, CRE worry?
Sure, there’s plenty to be apprehensive about heading into 2025. That’s why the Bisnow newsroom set out to collect insights from 56 executives spanning the industry's most influential sectors and regions, asking two pressing questions: What challenges will be most critical to you in 2025, and how will you address them?
From liquidity squeezes and interest rates to hybrid work dynamics and the urgent need for housing affordability, we heard the concerns of developers, investors, brokers, construction leaders, affordable housing advocates and data center innovators. These voices hail from Dallas, Los Angeles, Chicago, Seattle, New York, Houston, Boston, San Francisco, Atlanta, Washington, D.C., Ireland and the United Kingdom.
This collection offers an unfiltered, on-the-ground perspective from decision-makers at the forefront of commercial real estate. It’s a candid look at the hurdles ahead in 2025 — and the strategies, grit and optimism that will define how the industry will attempt to rise to clear them.
— Mark F. Bonner, Bisnow Editor-in-Chief
Liquidity will be the watchword for 2025. The lack of it will constrain bank lending, force property owners to recapitalize or sell and restrict the ability of service providers to adapt to market conditions. Personal liquidity will thin the ranks of transaction-compensated market players. On the flip side, those with liquidity will have a golden opportunity to build market share, widen spreads on credit and acquire assets at a discount from distressed owners. The tight liquidity environment will impact us as brokers, our clients as owners, and our clients’ lenders as facilitators of the transactions upon which we depend.
SECTOR: Capital Markets
CITY: New York
GENDER: Male
YEARS IN CRE: 15
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Commercial real estate projects have been stuck in the mud for years because of the pandemic, inflation, interest rates, election stress, etc. While my clients and all their employees, vendors and contractors have found creative ways to work around these setbacks, they can't continue much longer without some certainty. Now is no time for political theatrics, showmanship or shock value. If we don't provide a path of predictability for real estate to move forward, there will be another recession. We're hoping for the best but planning for the worst, which is part of what slows the economy. Politicians need to address this issue head-on.
SECTOR: Architecture
CITY: Los Angeles
GENDER: Male
YEARS IN CRE: 32
:::::
There is a lot of uncertainty around whether the new administration will be beneficial or harmful to D.C. commercial real estate. On the one hand, we’ve heard there will be a much firmer return-to-office policy, but there are also talks of moving swaths of agencies out of the area altogether. Both of these initiatives have significant implications for D.C. and it’s hard to understand the fate of this market until we actually know what happens.
SECTOR: Office Brokerage
CITY: Washington, D.C.
GENDER: Female
YEARS IN CRE: 21
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My greatest concern is continued inflation and increasingly higher costs in South Florida. My greatest challenge will be working within this environment where the difference between the ultra-rich and the common citizen are so extreme. Having been here for 75 years, I observe that Greater Miami is becoming the twenty-first century version of Charles Dickens’ Tale of Two Cities … The other great challenge will be working within the political “winner-takes-all” environment of non-negotiation. This is becoming realized through increasing ownership of real property by institutions and of services by corporations. Both are evidenced by contracts that cannot be amended or altered, whether for lease of a property or admission to see a doctor. Beware the poisonous fruit of this tree.
SECTOR: Consulting, Brokerage
CITY: Miami, Fort Lauderdale
GENDER: Male
YEARS IN CRE: 40
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There is reason for optimism. Post-election clarity, coupled with anticipated Federal Reserve rate cuts, is expected to bring greater stability to [multifamily]. This stability could entice buyers back into the market, revitalizing sales activity and increasing transaction volumes. At the same time, record levels of new supply have created absorption challenges in some markets. Despite this, rents have held steady, and the rising cost of homeownership continues to drive demand for rental units nationwide. Perhaps more importantly for the future, construction starts have slowed dramatically in 2024, setting the stage for new developments delivering in late 2025 and beyond to benefit from a much more favorable supply-demand balance.
SECTOR: Multifamily
CITY: New York
GENDER: Male
YEARS IN CRE: 20
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One of the major challenges will be satisfying the demand for large-scale data center campuses. The size and scope of these campuses will require multiple equity investors and lenders to cooperate together to enable these to come to fruition. Their location will need to be somewhere that is both welcoming of this type of development while also having proximity to certain vital features (such as access to fiber, large enough construction workforce and highly skilled employees to operate). Competing priorities exist between hyperscalers wanting expansion flexibility within the campus and favorable lease terms against a developer’s need for development certainty, coverage of massive infrastructure costs and ability to finance and eventually sell without major impediments. And then finally securing enough power when needed may be the largest challenge facing these mega campuses.
SECTOR: Data Centers
CITY: Chicago
GENDER: Male
YEARS IN CRE: 30
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As an online retailer we hardly had any experience when we first went into brick-and-mortar retail. We've made our mistakes, there were things that we thought would work that didn't. But our approach is to test and learn, and as we open new stores this year we know what works really well. We know what isn't so great. We’ve also brought in a lot of talent on the real estate side, and our motto for 2025 remains that if you are not sure what to do, ask the customer and they will tell you.
SECTOR: Retail
CITY: Solihull, United Kingdom
GENDER: Male
YEARS IN CRE: 16
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In 2025, potential tariffs could significantly disrupt U.S. retailers who rely heavily on overseas production. Proposed tariffs of up to 25% on goods from Canada and Mexico, combined with ongoing uncertainty around Chinese imports, threaten to drive up costs. This could lead to compressed profit margins, higher consumer prices or both — placing retailers in a precarious position. The ripple effects extend far beyond retail. Manufacturing, agriculture and technology — pillars of the U.S. economy — could also feel the strain, potentially dampening consumer confidence and spending. While many of our clients remain optimistic about the strength of the U.S. economy heading into 2025, they are carefully evaluating how much of these cost increases consumers will tolerate before scaling back their spending.
SECTOR: Retail
CITY: New York
GENDER: Male
YEARS IN CRE: 35
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The biggest challenge in 2025 will be maintaining a positive net income. Supply and demand are working against landlords, operating costs are rising, and the rental market remains highly competitive. On top of that, construction costs have increased significantly, so securing new tenants now requires far more capital while rents are holding steady. The focus is shifting from growth to survival — streamlining expenses, retaining tenants and finding creative ways to add value will be critical to navigating these challenges.
SECTOR: Office
CITY: Houston
GENDER: Male
YEARS IN CRE: 20
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The Georgia film industry’s projected recovery after the resolution of the 2023 strikes has not occurred. Industry cost-cutting and continued competition from overseas have significantly restricted the total amount of film and television production occurring in the U.S. vs. the United Kingdom, South Africa, Australia and Canada [which] have emerged as powerful competitors. ... We do not see anything on the horizon that would cause that trend to change. Our plan is to explore repurposing assets that were previously used exclusively for film and television.
SECTOR: Industrial, Film Studios
CITY: Atlanta
GENDER: Male
YEARS IN CRE: 24
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The biggest challenge will be addressing the oversupply of luxury condos relative to affordable housing. Developers have made aggressive bets on luxury condos, meanwhile rents continue to outpace wage growth for many and there remains a severe lack of inventory for affordable units. City of Yes is a good starting point but there will need to be lots of other regulatory changes to move towards equilibrium. Office-to-residential conversions could help but that too comes with lots of complexities.
SECTOR: Developer
CITY: New York
GENDER: Male
YEARS IN CRE: 8
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You have to have discipline when everyone wants to give you money, when they think there's an opportunity, to say, “Hey, listen, we don't think there's an opportunity, and we're not taking your checks.” ... For a lot of fund managers, their aim is to grow [assets under management] and their aim is to grow their fee business — at the expense of future carry on their track record. So the most challenging thing is to know when the market has recovered and when — on the nonperforming loan business — it's no longer the place to play. And to say to investors, “If you want ‘distress,’ go to somebody else.”
SECTOR: Capital Markets
CITY: Boca Raton, Florida
GENDER: Male
YEARS IN CRE: 19
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With the pace of rate cuts slower than anticipated, we are adjusting our expectations for refinance volume, which is now expected to be more backloaded into 2025. This is particularly true for our longer-duration products, such as 30-year investor loans. We will maintain outreach on purchases by focusing on areas with strong ongoing purchase demand, helping to fill the gap for Q1 2025. Additionally, we will position future pipeline opportunities by staying in contact with borrowers in shorter-term loans and advising them on the best time to refinance. For borrowers approaching maturity, we can extend their loans with the knowledge that we will be able to offer them a longer-term solution that fits their needs.
SECTOR: Capital Markets
CITY: New York
GENDER: Male
YEARS IN CRE: 6
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Our biggest concern as real estate developers is that while we expect interest rates to come down in the next year, the costs of construction have stayed high and the supply chains for critical construction infrastructure — like HVAC equipment — have not recovered post-pandemic.
SECTOR: Retail
CITY: Chicago
GENDER: Female
YEARS IN CRE: 26
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I think it will be critical to figure out whether we are on the precipice of a big decline or a big increase. We all want to believe that the worst days are behind us, but there are some serious macro issues that need solving. The market as a whole is hesitant and waiting for a signal.
SECTOR: Urban Mixed-Use
CITY: Atlanta
GENDER: Male
YEARS IN CRE: 20
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The biggest challenge is the “higher for longer” rate environment, which, combined with tighter lending standards and the resetting of asset values, continues to suppress transaction activity. Stakeholder fatigue will intensify as ongoing debt maturities expose significant funding gaps in the capital stack, forcing owners to inject additional equity or sell. While credit transactions have been our primary driver of activity in 2024 and will continue, equity opportunities are expected to become a more significant driver of our investment opportunities in 2025.
SECTOR: Hospitality, CRE lending
CITY: Atlanta
GENDER: Male
YEARS IN CRE: 25
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Biggest challenge in 2025 is to achieve an economic soft landing in the DMV market. Interest rates are too high and there is uncertainty regarding tariffs and stability with Trump taking the reins. We will control what we can control and be judicious about the types of new projects we will secure until have some visibility into what the new administration will bring.
SECTOR: Multifamily
CITY: Washington, D.C.
GENDER: Male
YEARS IN CRE: 23
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We anticipate 2025 to be a year of cautious optimism in the New York City multifamily sales market. While improving economic conditions and potential interest rate declines are expected, a key challenge will be reconciling buyer and seller expectations. Buyers, sensing a potential market bottom, will be motivated to acquire assets at favorable prices. However, sellers may remain hesitant, believing that future market conditions could yield better outcomes. This divergence in perspectives, coupled with ongoing regulatory and geopolitical uncertainties, could continue to impact transaction volume and pricing dynamics.
SECTOR: Multifamily
CITY: New York
GENDER: Male
YEARS IN CRE: 19
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The biggest challenge I foresee is dealing with the noise associated with loans going into default and distinguishing that part of the commercial real estate market. We plan to tackle this by ensuring transactions that come across our desks for financing are clearly on solid footing and in solid markets. At the same time, I expect new development to increase and for more projects to pencil out.
SECTOR: Financing
CITY: Dallas-Fort Worth
GENDER: Male
YEARS IN CRE: 38
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The most critical challenge in 2025 will be navigating difficult market conditions while leveraging them as an opportunity to recruit talented agents. I plan to address this by focusing heavily on recruitment ... strengthening our team and positioning ourselves for long-term growth.
SECTOR: Office, Industrial, Retail, Land
CITY: Houston
GENDER: Male
YEARS IN CRE: 9
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I believe the biggest challenge is achieving stability in the capital markets — once interest rate volatility dissipates, investors will be able to underwrite with more confidence and certainty.
SECTOR: Multifamily Investment Sales
CITY: Washington, D.C.
GENDER: Female
YEARS IN CRE: 20
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Conventional wisdom says rates will go up due to the proposed inflationary tariffs. But the administration is invested in the concept of low rates and I believe they will find a way to slow rate growth. Construction cost is also a big question mark for the year. Will trades pricing reflect the current difficult investing conditions or just march ever upwards? Even if inflation doesn’t drive rates up, it will likely have an impact on materials costs. Ultimately a frothy economy (if one emerges) will net cancel out headwinds. I’m optimistic.
SECTOR: Residential
CITY: New York
GENDER: Male
YEARS IN CRE: 19
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With a new federal administration coming in, we’re waiting to see how the economy will respond. Will interest rates continue to drop and will global markets affect our local markets? Chicago’s real estate continues to struggle, so we’re targeting entertainment and sporting event facilities, housing and neighborhood development opportunities. Transportation projects have historically been good for us, but will funding continue to thrive? Previous administrations have placed emphasis on public spaces, streetscapes and other public realm improvements. We’re looking forward to furthering those initiatives. Opportunities for adaptive reuse of buildings will incentivize new infill development. We remain optimistic for 2025.
SECTOR: Urban Design, Landscape Architecture
CITY: Chicago
GENDER: Male
YEARS IN CRE: 35
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I see three key industry challenges for 2025: housing affordability, public-private partnerships and inclusive growth. Housing attainability in high-profile markets will continue to pose a challenge, and public-private partnerships will be crucial to solving this economic issue. The public sector will continue to wrestle with the economic realities and will need to evaluate how to leverage the private sector to achieve societal goals. Municipalities that adopt policies harnessing the benefits of diverse project teams will expand wealth creation and create sustainable communities.
SECTOR: Land Use, CRE Research
CITY: Boston
GENDER: Female
YEARS IN CRE: 16
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For nearly all property types, the demand-side picture is starting to become more apparent — really for the first time this decade. Retail and office are largely in better positions than many would have anticipated, industrial is strong, and scientific research space has always benefited from frequently requiring in-person experimentation. Challenges will loom for owners and developers, some of whom experienced sharp reductions in valuation and have gone through myriad changes in intended use and conversion possibilities, further complicated by some municipalities making emergency changes to property tax rates amid dire financial conditions.
SECTOR: Proptech
CITY: Boston
GENDER: Male
YEARS IN CRE: 24
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The most critical challenges ahead of us in 2025 are oversupply of big industrial assets and stubbornly high long-term interest rates. How will the influx of new Class-A supply impact the market, and how long will it take to be absorbed? Will long-term treasury yields come back down to earth and make refinances easier and more attractive?
SECTOR: Industrial
CITY: Philadelphia
GENDER: Male
YEARS IN CRE: 7
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There is uncertainty about expiring tax legislation and how the new administration/Congress will address it. We will monitor any proposed legislation closely, though it is difficult to know what will actually become law. Inflationary pressures from new tariffs and deportations of the immigrant labor force, which play a major role in our business, will likely delay or eliminate new investment entirely until we have a clear vision of what the new administration enacts in these areas.
SECTOR: Build-To-Rent
CITY: Atlanta
GENDER: Male
YEARS IN CRE: 40
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We see the start of a new market cycle in CRE which is coinciding with new solutions that are already playing an outsized role. As teams transition back to playing offense, the resourcing decisions made this year will be particularly important. We’re observing the most activity in areas such as private debt, data centers, rental housing, industrial and retail. Advancements in AI, complex compliance requirements for GPs, and new digital platforms for deal-making are affecting how professionals work while a new administration is coming online with the aim to enact new policies. We’re investing in growth and expect this to be a year of rolling planning to stay calibrated with market needs and the demand environment.
SECTOR: Proptech
CITY: San Francisco, New York
GENDER: Male
YEARS IN CRE: 20
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The motto for 2024 was “extend and pretend” but 2025 will be a year of reality. Investors who overpaid for multifamily in a low-interest rate environment between 2020 and 2022 will face maturing bridge loans and have tough decisions to make. Will lenders continue to “kick the can” or will they finally be forced to take losses or foreclose on assets? Multifamily owners may need to dig deep into their pockets or get creative to save their portfolios. I expect to see consolidation in the marketplace as the larger, well-capitalized groups help the cash-strapped operators in need of a lifeline.
SECTOR: Multifamily
CITY: Miami
GENDER: Male
YEARS IN CRE: 14
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Continuing to absorb the apartment supply coming online in 2025 is one of our critical challenges. One way to try and combat this is working with other landlords and rallying together to manage the amount of concessions being offered so we can all minimize the discounted cash flow.
SECTOR: Multifamily
CITY: Philadelphia
GENDER: Female
YEARS IN CRE: 24
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Debt? Not our biggest concern. In 2025, we’re more focused on finding the right assets to transform into spaces where our tenants feel at home and productive. The challenge is balancing innovation with practicality — delivering environments that suit both lifestyle and work. Because real estate isn't just about buildings; it’s about creating the future, one space at a time.
SECTOR: Office
CITY: Houston
GENDER: Male
YEARS IN CRE: 13
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The evolving CRE landscape is ripe for growth and innovation. We aim to reframe challenges as opportunities in 2025. Leveraging AI to refine underwriting processes and uncover diamonds in the rough for our clients is top of mind. We also believe it's critical that folks exercise optimism, patience and acceptance. While more expensive, there's still tons of capital out there, and deals are getting done. It takes time to build out experience, partnerships and liquidity. Accept the landscape for what it is; understand where you fit in.
SECTOR: Capital Markets
CITY: South Florida
GENDER: Female
YEARS IN CRE: 21
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The challenges we will face in 2025 will be less about market conditions and more about positioning our teams in Tenant Advisory, Agency Leasing Capital Markets, Healthcare Advisory, Property Management and Project Management to best compete and win. 2025 feels like a time of recovery and thus opportunity. Providing our team members with tools to win and providing our clients with innovative solutions will be the endgame. The tools include technology and data resources, it also includes more human capital, so our best performers and leader are not mired in minutia.
SECTOR: Brokerage
CITY: Washington, D.C.
GENDER: Male
YEARS IN CRE: 32
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The key to success will be maintaining a diversified portfolio of work across sectors in 2025 as the market recovers. Despite last year's market conditions, we expect an uptick in construction projects centered around Class-A spaces and renovations/interior fit-outs as part of the prevailing flight to quality trend. We also see opportunities in the higher education market and anticipate investments to be made in campus housing and academic facilities through alternative delivery methods like design/build and P3.
SECTOR: Construction
CITY: Boston
GENDER: Male
YEARS IN CRE: 20
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High on the watchlist going into 2025 are interest rates, tariffs, return to office policies and political instability in the U.S. and abroad. The uncertainty surrounding each of these makes it impossible to identify which is most critical. Sounds gloomy, but we’re generally optimistic about the year ahead, and rather than anchor ourselves to a single strategy, we will continue to remain nimble and adapt our business plan to meet the market. For now, we are spending time identifying and partnering with vertical developers who share our optimism and have the capacity to get in front of what we anticipate will be a wave of new demand.
SECTOR: Development
CITY: Washington, D.C.
GENDER: Female
YEARS IN CRE: 14
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Almost everyone on the brokerage side agrees that 2025 will be another challenging year. My concern is the impact that has on the people in our business. Declining demand, coupled with decline values, continues to result in increased competition and downward pressure on fees. This strains existing teams and partnerships, which we have already seen in the later half 2024. It also drives many people, particularly younger professionals, out of the industry. This trend risks creating generational gaps within the brokerage community and exacerbates an already significant challenge of fostering diversity and inclusion in a field that needs it. The resulting talent drain not only limits innovation and adaptability but, over time, also negatively impacts the owners and clients the brokerage industry exists to serve, as fewer skilled professionals remain to navigate increasingly complex market dynamics.
SECTOR: Brokerage
CITY: Washington, D.C.
GENDER: Male
YEARS IN CRE: 19
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In 2025, our primary challenge will be navigating uncertainties in construction costs, labor, insurance and financing. Staying nimble and solutions-focused will be essential. Innovation remains central to our strategy: by integrating neuroscience into real estate design, we aim to create environments that enhance well-being and help people thrive. We'll also engage with policies like the Live Local Act to advance workforce housing, advocating for efficient implementation to turn policy into action.
SECTOR: Development
CITY: Miami
GENDER: Female
YEARS IN CRE: 30
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The biggest challenge in 2025 will be the continued disruption in the debt markets, which have yet to return to normalcy. This environment has left property markets — particularly office assets — effectively frozen. Valuations are down significantly, but many lenders and owners are still unwilling to accept these new realities, creating a logjam in transactions. We anticipate that 2025 will bring a day of reckoning for the market, as the disconnect between valuations and debt structures forces more distressed assets to come to market. While this will undoubtedly create headwinds, it also presents opportunities for disciplined investors prepared to act decisively.
SECTOR: Acquisitions
CITY: Miami
GENDER: Male
YEARS IN CRE: 40
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As 2025 begins, the market will spend the first few months shaking off the hangover from the inertia in 2024. Although Ireland's economic prospects for 2025 and beyond are promising, several obstacles must be overcome before core property investment returns to significant levels in the region, which is anticipated after H1 2025. Both domestic and international political policies will play a crucial role in shaping investor appetite. This is especially relevant to the living sector, where reformed rent regulations could potentially attract institutional investors back to the market.
SECTOR: Investment, Real Estate
CITY: Dublin
GENDER: Male
YEARS IN CRE: 10
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The biggest challenge I anticipate in 2025 is loyalty and retention. As we grow our business, take on more projects, and bring in new staff and third-party partners, preserving the family atmosphere we’ve worked hard to cultivate will be critical. In a competitive market, where employees often switch jobs for small pay increases or remote work options, the ripple effects extend beyond our internal team. Retaining talent and ensuring our partners share our commitment to consistency and collaboration will be key. Success will rely on building partnerships with individuals and teams who are equally committed to shared, lasting goals.
SECTOR: Multifamily
CITY: Palm Beach, Florida
GENDER: Male
YEARS IN CRE: 35
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We would like to see an environment where regulation was based around the need to make more much-needed residential development viable. That would help attract international capital and convey and communicate a strong message to investors, which we hope will unlock more opportunities for the industry in 2025.
SECTOR: Residential Development
CITY: Dublin
GENDER: Male
YEARS IN CRE: 23
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One challenge we anticipate for the new year is balancing existing projects with our backlog and projections. We began addressing 2025 in early 2024, with a healthy backlog on hold. It’s not a bad challenge to have! We strategically looked at what we needed to be as successful as possible and determined the solution was to hire new talented junior, mid- and senior-level staff to accommodate the anticipated growth for 2025. We also opened two new offices in areas with existing and potential new clients to add to our diverse outreach in those markets.
SECTOR: Architecture, Interior Design
CITY: Dallas
GENDER: Male
YEARS IN CRE: 35
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We anticipate developers will face challenges stemming from financial market volatility, particularly regarding short and long-term rates, with the 10-year treasury directly impacting property values. With the change in administration, potential new tariffs could disrupt supply chains and increase costs. Additionally, developers must navigate shifting demographics in North Texas and changing trends between ownership and rental preferences, which demand adaptability. The evolving workforce and its adoption of hybrid work models add further complexity. With a high supply of multifamily units delivered in 2023 and 2024, reduced demand is likely.
SECTOR: Multifamily
CITY: Dallas-Fort Worth
GENDER: Male
YEARS IN CRE: 40
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In 2025, one of the biggest challenges will be figuring out how hybrid and full-time office strategies are affecting office space demand. Real estate teams need a clearer understanding of what’s driving the need for different types of spaces and locations. The key to solving this is accurately measuring occupancy. By analyzing occupancy data from various perspectives — such as work styles, commute times, location, department and space type — teams will gain valuable insights. This enables them to make smarter, actionable decisions to balance office space supply with actual demand, ensuring alignment with changing workforce needs.
SECTOR: Proptech
CITY: Hopkinton, Massachusetts
GENDER: Male
YEARS IN CRE: 25
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In 2025, key challenges will include uncertainty around interest rates, access to attractive debt and evolving investment criteria across institutions and private equity. Rising costs — labor, insurance and property taxes — along with unpredictable scopes and expenses will add complexity. The ongoing gap between buyer and seller price expectations will also be a hurdle. To address these, we’ll continue to leverage our experienced team, source various options within capital markets and utilize our extensive network and data.
SECTOR: Hotels, Capital Markets
CITY: Atlanta
GENDER: Male
YEARS IN CRE: 20
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In 2025, navigating a challenging lending environment and evolving tenant demands will be critical. Our focus on creating mixed-use developments with hospitality-inspired amenities and spec suites tailored to the evolving needs of companies returning to the office will create the demand providing confidence for lending in the sector. Strategic partnerships, creative repositioning of assets and leveraging regional insights will enable us to address these challenges while driving value.
SECTOR: Investment, Development
CITY: Boca Raton, Florida
GENDER: Male
YEARS IN CRE: 10
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The Fed has signaled it will likely cut interest rates significantly. Homebuying is likely to pick up as a result, and so will demand for self-storage, offsetting the softening occupancy and rental rates that we saw throughout 2024. To attract this growing segment, we will continue to elevate our operations, implementing tools like AI that enhance efficiency and customer service and can help reduce costs — allowing us to navigate the market more effectively.
SECTOR: Investment
CITY: Seattle
GENDER: Male
YEARS IN CRE: 10
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As a housing provider in the Washington region, I look ahead to 2025 as a pivotal time in our industry. The ever-intensifying regulatory environment has pushed residential landlords (many of whom are multigenerational families with a deep commitment to the DMV) to a tipping point where they are contemplating the feasibility of remaining in business. If we choose to divest, residential communities will inevitably receive less investment and attention, which will negatively impact residents. The best way to address this challenge is for the public sector to work alongside the private sector to fix problems that exist rather than seek to publicly scold and score points. Collaboration here will benefit residents. Grandstanding will have the opposite effect.
SECTOR: Construction, Development
CITY: Washington, D.C.
GENDER: Male
YEARS IN CRE: 19
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As we look to 2025, one of the most pressing challenges will be navigating the impact of fluctuating interest rates on commercial real estate lending. Higher rates continue to affect deal flow, valuations and borrowers’ ability to access capital. We’re addressing this by maintaining a disciplined underwriting approach and working closely with our clients to structure flexible solutions that help them adapt to shifting market dynamics.
SECTOR: Regional Banking
CITY: Miami
GENDER: Male
YEARS IN CRE: 20
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The dynamics of the previous cycle — where unusually low interest rates propelled growth and easy leverage — have faded and are being replaced by a higher-for-longer interest rate environment where investors will need to focus on alpha generation. We will likely look back on 2025 as a pivotal moment of recovery in many areas of the commercial real estate sector — now is the time for investors to put capital to work and reposition their portfolios.
SECTOR: Investment
CITY: Houston
GENDER: Male
YEARS IN CRE: 25
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It appears that higher rates for longer, and perhaps much longer than hoped, will present the biggest challenge and opportunity going into 2025. With the long-term rate picture becoming marginally clearer and the election uncertainty in the rearview mirror, the major institutional focus will be pruning assets that have seen net operating income growth outpacing the reset in cap rates and buying time for problem assets through refinancings. On a positive note for those with capital to deploy, there is a chance to go on the offensive to buy quality assets at reset pricing at a moment when fundraising is as difficult as it has been in quite some time.
SECTOR: Investment
CITY: Miami
GENDER: Male
YEARS IN CRE: 15
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The biggest constraint to AI adoption today is power — period. AI demands are skyrocketing, and we’re also facing challenges around density and the need for innovative cooling solutions. For my organization, which has developed a data center-focused multitenant AI and machine learning operations platform, the hurdle lies in partnering with data centers that recognize the massive potential of AI services. Customers want AI where their data lives, and we’re helping facilities embrace hybrid cooling approaches like rear-door heat exchangers and direct-to-chip liquid cooling. We’re also helping them understand use cases and the real enterprise AI adoption that’s already driving revenue. I’m equally excited about advancements in small modular reactor technologies, which could redefine power availability. Together, we’re building smarter, AI-ready infrastructure to meet tomorrow’s demands today.
SECTOR: Data Centers
CITY: Chicago
GENDER: Male
YEARS IN CRE: 15
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In most metros, including LA, a broad swath of office assets face plummeting devaluation in the face of persistently high vacancy rates and near-term loan maturities. Media coverage leads many tenants to interpret this very real challenge as a fire sale on rental rates and lease concessions. While there is certainly value that we extract for our occupier clients, we’re encountering a bipolar dynamic in the market: The number of landlords that are well-capitalized and have the capacity to fund concessions is surprisingly limited in select submarkets, while those owners with distressed assets are in no position to actually transact.
SECTOR: Office Leasing
CITY: Los Angeles
GENDER: Female
YEARS IN CRE: 21
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As we head into the new year, elevated construction costs will continue to present significant challenges for tenant build-outs. The cost of capital is still high and is significantly delaying a tenant's ability to execute their plans for a new office space. The return-to-office conversation is essentially over. By now, most companies have solidified their positions on in-office or hybrid work models. We're closely watching how the lack of new office development will create a shortage of premier office space in 2025, especially as new-to-market deals and large-block requirements grow.
SECTOR: Office
CITY: Atlanta
GENDER: Male
YEARS IN CRE: 20
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I am optimistic about Washington, D.C.'s future despite the negative headlines. While inflation, bankruptcies and shrinking offices as GSA consolidation looms, I believe we are going to continue to grow, and we are set up for success. Yes, we have a storm to weather and are still in the middle of it. So far, the vacancy rate has increased by about 37.5% since 2019. Demand for office space has dropped as remote work and hybrid are embraced. This trend has a two-fold effect on the market and the city. First, we will continue to see foreclosures until the rates drop — no relief in sight there. This is bad for the investors but it results in resetting the capital stack, for one. And second, it makes those same properties affordable in some cases. In other cases, the properties will be repurposed, likely into residential spaces, remaking the fabric of our cities. I am excited about both changes.
SECTOR: Office Leasing
CITY: Washington, D.C.
GENDER: Male
YEARS IN CRE: 20
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With ever-increasing energy demand (and cost!) in CRE, it's critical that we drive awareness of the importance of ensuring renewable energy assets (solar, storage, EV charging) operate at peak efficiency and experience minimal downtime, so that investors realize the return on investment — and energy production — they're expecting.
SECTOR: Proptech
CITY: Orange, California
GENDER: Male
YEARS IN CRE: 4
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