StepStone Real Estate House Views

Stepstone

Research

86 Pages

StepStone provides an update on the real estate market, which they say is pricing around cycle bottom amid elevated uncertainty and slower growth globally.

Date published: November 2025

Key Takeaways

Income focused real estate: Core returns rely more on durable cash flow and less on falling rates or rapid growth.
Prolonged workout cycle: High debt maturities and slow asset sales keep recapitalizations, secondaries, and lender negotiations central to outcomes.
Targeted sector tilts: Authors favor residential, necessity retail, logistics, data centers, and senior housing while remaining cautious on most offices.
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