Some key themes based on client discussions:
- highly focused on asset management and understanding where existing portfolio stands
- on the offense, most are waiting for a period of new opportunities and do not want to miss any, more act too early

- focusing on transactions that need to occur today incl. public market investments (liquid), buying of discounted debt, corporations RE sales for liquidity, and liquidity to merchant build market

- HNW investors have been active in the longer term leased market as they prefer hard assets over other securities

- investors have stated they will underwrite 90-180 days of free rent as they expect their assumptions will be inaccurate in the short term
- May collections will be critical in underwriting risk

- having stated the above, the majority of owners have opted to defer any sell initiatives in the short term
- repricing/valuations case studies will be delayed, and possibly short lived, due to this

- reports of construction cost reductions from sub contractors across US

- in terms of pricing risk, equity investors are looking at two broad metrics 1. Forecasted fundamentals within a given geography/property type and 2. Cost of capital

In almost all conversations, forecasted fundamentals are outweighing the cost of capital, which portrays long-term optimism and new trends

Two global trends that have been coming up are 1. On-shoring if manufacturing and 2. Density of people in a working or living environment