The End Of The Commercial Real Estate Recession With Ben Miller, CEO of Fundrise

Sep 17, 2025

Ben Miller, co-founder and CEO of Fundrise, discusses the recovering landscape of commercial real estate, emphasizing optimism amid easing inflation and rates. He highlights the resilience of residential-oriented properties and explains how focus on build-for-rent and data centers positions Fundrise for growth. Ben also shares insights on how population trends and supply dynamics are influencing rents, and why data centers are a promising investment for the decade. He concludes with predictions of a potential real estate boom in the next two years.

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INSIGHT

Real Estate's Three-Year Recession Ends

Real estate entered a three-year recession starting Sept 2022 due to rapid rate hikes and stayed weak while the stock market recovered.
Ben Miller says real estate now appears to be at the start of a new upcycle as rates begin to fall.

ADVICE

Position For Rate Cuts

Expect the Fed to cut rates and plan for roughly 100 bps lower in the year ahead, which helps real estate.
Use falling rates as a reason to increase real estate exposure for long-term upside, not short-term timing.

INSIGHT

Rates Move Directionally, Not Mechanically

There's no simple one-for-one formula linking interest rate moves to property prices, but directionally lower rates boost valuations.
Miller emphasizes scenarios: modest rate falls improve performance; larger falls trigger a real estate boom.

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Since 2022, commercial real estate (CRE) investors have endured one of the toughest stretches in decades. Surging inflation drove mortgage rates higher, cap rates expanded, and property values sank. The mantra became clear: "survive until 2025."

Now, with inflation cooling, rates easing, and capital returning, the tide may finally be turning. In this episode, I sit down with Ben Miller, CEO of Fundrise, who shares why he's more optimistic about CRE's future—and why the next three years could be far better than the last.

Invest In CRE In A Diversified Way

If you're looking to gain exposure to commercial real estate, take a look at Fundrise. Founded in 2012, Fundrise now manages over $3 billion for 380,000+ investors. Their focus is on residential-oriented commercial real estate in lower-cost markets - assets that tend to be more resilient than office or retail. Throughout the downturn, Fundrise continued deploying capital to capture opportunities at lower valuations. Now, as the CRE cycle turns, they're well-positioned to benefit from the rebound.

The minimum investment is just $10, making it easy to dollar-cost average over time. I've personally invested six figures into Fundrise's CRE offerings, and I appreciate that their long-term approach aligns with my own. Fundrise has also been a long-time sponsor of Financial Samurai, which speaks to our shared investment philosophy.

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