Capital rotation, real assets, and a new era for CRE deals
30 July 2026
Capital is rotating, the line between real estate and infrastructure is blurring, and the deals getting done today look different from those of even three years ago. In this episode of CRE Exchange, Omar Eltorai sits down with Tim Bodner, who leads PwC's US and global real estate deals practice, to discuss the firm's 2026 midyear CRE outlook. They cover the real assets convergence thesis, why operational prowess is replacing cap rate compression as the primary value driver, where REIT consolidation goes from here, and how private capital is redefining the dealmaking landscape.
Resources mentioned
Key moments
02:10 Midyear outlook key shifts
03:35 Real assets convergence
07:18 Operating prowess and AI
09:07 VCs owning hard assets
10:56 Where AI gets used today
13:50 Industry bifurcation and new entrants
18:09 REIT discounts and consolidation
24:26 Private capital and capital solutions
28:27 Themes for the back half of 2026
29:51 Policy uncertainty and data centers
31:06 Lightning round and wrap
This week's guest and host
Tim Bodner
Partner and Global & US Real Estate Deals Leader
PwC
Omar Eltorai
Senior Director of Research
Altus Group
Resources
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