Commercial Real Estate Reset: Finding Value Across Debt and Equity

Commercial real estate is one of the few asset classes that went through a relatively recent recession and still offers attractive valuations, whether through lending or owning.

Seray Incoglu, Global Head of Asset Management for PIMCO Real Estate Credit, and Matt Tuten, who leads the commercial mortgage-backed securities team, join Greg Hall to assess where the market stands: resilience in multifamily and industrial, continued dislocation in office, and the unresolved question of how AI reshapes demand.

The conversation examines how the current cost basis, durable cash flows, and creditor rights differentiate CRE debt from corporate lending—particularly private direct lending—and where to find relative value between public and private real estate.

(2:23) The state of commercial real estate

(11:49) From strip malls to industrial spaces: where opportunities are emerging

(16:18) How AI may impact the modern workplace

(22:42) When the office turns into an apartment

(31:08) The current role of debt and equity

(36:49) Relative value between public and private markets

(45:50) Looking back to move forward

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