The Best Ever CRE Show JF 4123: 2025 Lessons, Liquidity and Discipline in CRE ft. the Best Ever Hosts
Dec 18, 2025
A year-end roundtable reveals surprising market developments from 2025, highlighting hidden distress and the importance of liquidity and discipline. The discussion focuses on the shift towards cash flow and capital preservation among LPs, along with evolving opportunities in small-cap multifamily and discounted office assets for 2026. The hosts debate the role of bridge debt, the need for strong operator-LP relationships, and the implications of AI in real estate operations. Key questions for LPs are emphasized, alongside lessons learned from past investor interviews.
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Surface Strength, Hidden Distress
- 2025 surprised many because macro stats looked healthy while underlying CRE stress was more hidden than public.
- Distress unfolded off-market and behind the scenes rather than as a public crash.
Prioritize Liquidity And Stress Tests
- Hoard liquidity if you can and stress-test deals heavily before closing.
- Stay active but ensure capital buffers to survive unexpected downturns.
Opportunity Lives Behind Closed Doors
- Many distress sales are occurring off-market via confidential broker networks rather than public listings.
- This means opportunity exists but is unevenly visible to the broader market.