UBS On-Air: Market Moves Industrial Real Estate: Outlook & opportunities with Dave Fazekas, Ares Management
Oct 14, 2025
Dave Fazekas, Partner and Head of North American Logistics at Ares Real Estate, shares his extensive expertise in industrial real estate. He discusses the attractive current investment landscape, highlighting the resetting of values and the historical outperformance of this sector. Dave explains how onshoring and manufacturing investment significantly drive warehouse demand. He also dives into the influence of artificial intelligence on e-commerce and how it's reshaping space requirements for retailers. Don't miss his insights on the evolving landscape!
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Compelling Entry Point After Value Reset
- Real estate values reset over three years due to rising interest rates, creating a bifurcated performance across sectors.
- Dave Fazekas argues this reset presents one of the most compelling entry points into real estate since the GFC.
Ares’ Global Scale And Local Execution
- Ares quietly grew to over 600 million sq ft and 2,000 industrial properties across three continents.
- Fazekas credits local execution and long-tenured, cycle-tested teams for their global platform success.
Why Industrial Outperforms Historically
- Historical NACREIF data shows industrial outperforms other real estate sectors over 10–40 year periods with >10% unlevered returns.
- Industrial benefits from lower capex, mission-critical tenants, triple-net leases, and shorter leases that enable rent reversion.