North American Conference 2025 highlights

On 4 June, INREV brought together 100 real estate investment industry professionals in New York City for the flagship North American Conference, sparking lively discussions on global politics, the shifting macroeconomic landscape and investment opportunities in European non-listed real estate.

Ajay Sharma, Global Head of Capital Raising and Investor Relations at BGO, kicked off the day with a warm welcome and kept the energy high as he guided participants through the day’s programme.

The keynote presentation by Ambassador Ivo Daalder, President of the Chicago Council on Global Affairs, explored how US foreign and economic policy is reshaping the global order. The ambassador reflected on the post-WWII decades of globalisation, contrasting them with the current shift toward a world where the US, Russia, and China each assert influence in their own spheres. He argued that America is stepping back from its traditional role as guarantor of European military security, while trade is increasingly being used as a geopolitical tool. Though the change may be irreversible, he pointed to possible positive developments, such as a strengthened NATO and the potential for European countries to take greater initiative. For investors, he noted that the current US policy environment is highly unpredictable, dampening its investment appeal.

An interactive audience poll revealed that 80% of attendees expect their allocations to European real estate to increase, driven by the value opportunities currently available.

Sabina Reeves, Chief Economist and Head of Insights & Intelligence at CBRE Investment Management, followed with a presentation focused on four megatrends centred on free movement of goods, labour and capital: higher for longer interest rates, deglobalisation, economic growth in Europe, and regional capital rotation. Sabina highlighted rising risks in the US market, including policy unpredictability and inflationary pressures and contrasted them with more favourable dynamics in Europe—where valuation adjustments are creating compelling entry points. Residential sectors across European markets remain particularly attractive, with selective opportunities in retail. Logistics and offices were viewed more cautiously due to weaker fundamentals, though modern, high-quality office assets may still perform well in select locations. Sabina also noted that Europe is benefiting from structural reforms and improving sentiment, while in the US, real estate demand is increasingly influenced by bond market movements. She concluded with a forward-looking view on AI adoption, suggesting that corporations are entering a phase of workforce optimisation—a trend she described as “Corporate Ozempic”.

Throughout the day, panels of investment managers and institutional investors offered valuable perspectives on how these geopolitical and economic shifts are directly influencing their global allocation strategies. Many confirmed a growing interest in Europe, citing repricing, income growth potential, and a relative improvement in risk-adjusted returns.

Ahead of the main conference, INREV held an open session on 3 June, hosted by Citco Fund Services at their Park Avenue office in New York. The session drew a strong turnout, with attendees eager for updates on regulatory and professional standards developments in Europe.

Jeff Rupp, INREV Director of Public Affairs, began with an overview of regulatory changes impacting European real estate investment. He explained how both the EU and UK are working to reduce regulatory burdens and reporting costs in order to enhance competitiveness and attract investment.

Constantin Sorlescu, INREV Director of Professional Standards, followed with a presentation on leveraging the INREV Guidelines to improve transparency and streamline data exchange. He also highlighted the tenth anniversary of the Global Definitions Database and discussed the integration of sustainability considerations into building valuations.

After a networking break, Abigail Dean, Global Head of Strategic Insights at Nuveen Real Assets, outlined how Nuveen embeds sustainability into its European real estate portfolio, with a strong focus on climate risk, transition risk, and stranding risk as part of its core strategy.

The session concluded with a joint presentation by John Ravoisin, Partner at PwC, and Jef Holland, Partner at Deloitte. They explored valuation methodologies and the growing use of more granular discounted cash flow (DCF) models. They also addressed the increasing influence of sustainability disclosures on valuations and clarified the use and types of NAVs in global real estate investment.

Thank you to all participants, speakers, and hosts for making this year’s North American events a success.

You can view the available presentations from the North American Conference and the open session below: