America‘s Commercial Real Estate Show Emerging New Real Estate Cycle with Josh Pristaw
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Jan 7, 2026 In this installment, Josh Pristaw, President of Clarion Partners, shares insights from his extensive experience with a $74 billion real estate portfolio. He discusses the signs signaling a new real estate cycle, emphasizing strong fundamentals and favorable valuations. Josh highlights the booming demand for healthcare and senior housing, driven by an aging population and undersupplied markets. He also addresses the importance of experienced operators in senior living and the evolving dynamics in logistics and manufacturing related to reshoring practices.
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New Cycle Signals In Commercial Real Estate
- Clarion sees a new CRE cycle starting, driven by five consecutive quarters of positive private real estate returns and strong fundamentals.
- Real estate valuations look fair and often trade below replacement cost, creating attractive long-term entry points.
Industrial Demand Remains Robust
- Tenant demand across sectors is strong, with industrial net absorption comparable to pre-COVID healthy years.
- Clarion remains constructive on industrial fundamentals despite slower decision-making earlier in the year.
Invest In Structural, Demographic Themes
- Focus investments on sectors driven by structural or demographic trends like healthcare, housing, and industrial.
- Prioritize assets with long-term cashflow growth rather than betting on rapid cap-rate compression.