Laying the Foundation

From a pandemic crash to zero rate rebound followed by a one-two punch of inflation and rate spikes, the last five years have whipsawed real estate investors. As we enter the second half of the decade, the market seems to be slowly working its way back to a semblance of normalcy.

With the market finally stabilizing, investors are trying to determine whether this reset is an opportunity, a trap, or the early stage of a new cycle. I shared a few observations and thoughts on implications for investors with the team at Clockwork.

TL, DR: When adding it all up: a recent repricing, improving fundamentals and capital markets conditions, and recovering investor sentiment all appear to be setting the stage for the next cycle.

Clockwork Private Markets Report - 2025 Winter Solstice Edition