Leading Voices in Real Estate Tim Bodner | PwC
Jan 7, 2026
Tim Bodner, Global Real Estate Deals Leader at PwC, shares his expertise on long-term shifts in global real estate. He discusses how private markets are evolving to attract retail capital, the impacts on public REIT dynamics, and the rise of new investment products tailored for retail investors. Tim highlights the shift toward longer asset holding periods and the convergence of real estate with infrastructure sectors. He also addresses the global housing crisis, climate resilience, and how these factors shape enduring city characteristics.
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Private Markets Are Recruiting Retail Capital
- Real estate capital markets are undergoing a structural transformation as private markets seek retail capital.
- This shift reduces public REIT appeal and will accelerate global changes in capital allocation.
Aging Populations Drive Private Market Demand
- Demographics and retirement design push more capital into private markets and annuities that favor real assets.
- Enabling defined contribution plans to access private markets further widens retail allocations into real estate.
Size Premium Is Forcing REIT Consolidation
- Public REIT returns concentrate in top performers, squeezing smaller REIT liquidity and prompting consolidation.
- PwC expects a rapid consolidation cycle across public and private real estate platforms.