{"id":23807,"date":"2024-04-24T13:23:49","date_gmt":"2024-04-24T20:23:49","guid":{"rendered":"https:\/\/www.stepstonegroup.com\/?p=23807"},"modified":"2024-04-24T13:23:54","modified_gmt":"2024-04-24T20:23:54","slug":"stepstone-real-estate-spring-2024-house-views","status":"publish","type":"post","link":"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-spring-2024-house-views\/","title":{"rendered":"StepStone Real Estate Spring 2024 House Views"},"content":{"rendered":"<p>Real estate trades now seem to reflect higher interest rates and certain negative factors in general economies. Trading volume is still muted.\u00a0We expect it to take several years to resolve the pervasive issue of overleverage caused by steep value declines. Similar to\u00a0the post GFC era, lender forbearance, work-out and loan restructuring negotiations\u00a0and foreclosures take time. Therefore, we don&#8217;t expect distressed investing opportunities to really start ramping up until later in 2024. Conditions are ripe for a\u00a0<strong>potentially extraordinary vintage period for non-core investing<\/strong> via recapitalizations, GP-led secondaries and distress sales.<\/p>\n<p><strong>Debt investors benefit<\/strong> from higher rates, more conservative attachment points and loan terms, and as with recaps and distressed purchases, the ability to be highly selective amid a growing pool of opportunities.<\/p>\n<p>Real estate carrying values are adjusting slowly, as usual. This means\u00a0<strong>open-ended funds remain expensive<\/strong>\u00a0in the US though select European funds offer better-priced entry points. Existing closed-ended funds are generally over-marked, particularly the recent pre-correction vintages which likely made acquisition at peak pricing with less time to stabilize assets.<\/p>\n<p>Challenges are predominantly coming from higher interest rates, though operating fundamentals are beginning to weaken. Unlike other property types, office is facing severe operational distress due to changing use patterns that is likely to take some years to resolve.\u200b\u200b\u200b\u200b\u200b\u200b<\/p>\n<p><span lang=\"EN-US\">StepStone Real Estate&#8217;s House Views are developed from a top-down and bottom-up approach that combines macro-economic, demographic, and geo-political factors analyzed by our market research team with the on-the-ground insights of our investment team. Our investment team&#8217;s input is largely informed by our experience allocating approximately $15 billion per annum of our clients&#8217; and investors&#8217; capital into real estate funds, secondaries, recapitalizations, and co-investments and through our 970+ meetings with real estate GPs in 2023.<\/span><\/p>\n<h6>\u200b\u200b\u200bNote: ~$15 billion average annual private market allocations are for the average of the last three years ended December 31, 2023, and represents StepStone-approved investment commitments on behalf of discretionary and non-discretionary advisory clients. Excludes legacy funds, feeder funds and research-only, non-advisory services. Ultimate client investment commitment figures may vary following completion of final GP acceptance\/closing processes.<\/h6>\n<div>\u00a0<\/div>\n\n\n<section id=\"intro-stripe-block_e243e77049aacf45b6357ab373c8147d\" class=\"w-block w-intro-stripe w-fc overflow-hidden py-[40px] lg:py-[80px]\">\n  <style>\n    #intro-stripe-block_e243e77049aacf45b6357ab373c8147d {\n              --section-bg: #F2EFF1;\n                    --content-bg: #445460;\n          }\n  <\/style>\n\n  <div class=\"row justify-center\">\n    <div class=\"columns small-12 large-8\">\n      <div class=\"intro-stripe__content text-center p-[28px]\">\n                  <h2 class=\"text-[26px] leading-[1.3] lg:text-[36px] lg:leading-[1.22222] font-light text-white\">Read the House Views<\/h2>\n        \n        \n                  <div class=\"intro-stripe-content__cta text-center\">\n            <a href=\"https:\/\/www2.stepstonegroup.com\/StepStone_Real_Estate_House_Views_Report_Spring_2024\" target=\"_blank\" class=\"button\">\n              Download            <\/a>\n          <\/div>\n              <\/div>\n    <\/div>\n  <\/div>\n<\/section>\n\n\n<section id=\"insights-block_fd0692195a42fd80dd6c5f60b35344ba\" class=\"w-block w-insights layout-slider w-fc no-pad overflow-hidden mb-[92px] lg:mb-[145px]\">\n  <div class=\"row f-grid row-collapse items-center\">\n    <div class=\"columns small-12 large-6\">\n      <div class=\"insights__content\">\n                  <h3 class=\"insights__section-title text-[20px] lg:text-[30px] leading-[1.3] font-light text-highlight mb-[22px] lg:mb-[30px]\">\n            Explore more insights on real estate          <\/h3>\n        \n        \n              <\/div>\n    <\/div>\n\n    <div class=\"columns small-12 large-6\">\n              <div class=\"lg:ml-[-85px] lg:py-[58px] md-down:pb-[60px] md-down:px-[16px] overflow-x-hidden lg:w-[54vw]\">\n          <div class=\"insights-swiper swiper overflow-visible\">\n            <div class=\"swiper-wrapper\">\n 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class=\"content-wand\"><\/div>\n\n                  <div class=\"mb-[10px] text-[14px] leading-[1.3] font-medium uppercase\">\n            <a class=\"bg-sea-green text-white py-[6px] px-[12px] inline-block no-underline hover:bg-slate\" href=\"https:\/\/www.stepstonegroup.com\/category\/podcasts\/\">Podcasts<\/a>\n          <\/div>\n        \n                  <h4 class=\"text-[17px] leading-[1.3] lg:text-[24px] lg:leading-[1.16667] font-medium mb-[4px] lg:mb-[10px] text-slate\">\n            <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/rpm-ep-38-real-estate-secondaries-with-jeff-giller-and-margaret-mcknight\/\" class=\"inline-block color-inherit no-underline hover:underline\">\n              RPM\u2014Ep.38 | Real estate secondaries with Jeff Giller and Margaret McKnight            <\/a>\n          <\/h4>\n              <\/div>\n\n          <\/div>\n  <\/div>\n<div class=\"insights-item flex flex-col swiper-slide max-w-[320px] lg:max-w-[416px] mr-[24px] revealator-slideup revealator-duration10 revealator-delay4\">\n  <div class=\"insights-item__image flex-[0_0_auto] bg-slate relative has-img\">\n    <div class=\"image-wand\"><\/div>\n\n    <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/real-estate-primer\/\" class=\"block\" aria-label=\"Real estate primer\">\n              <img decoding=\"async\" loading=\"lazy\" class=\"mx-auto w-full object-cover\" src=\"https:\/\/www.stepstonegroup.com\/wp-content\/uploads\/2024\/01\/20240102_Real_estate_primer_11-416x208.png\" alt=\"20240102_Real_estate_primer_(1)[1]\">\n          <\/a>\n  <\/div>\n\n      <div class=\"insights-item__content flex-[1_1_0] bg-clay pb-[20px] px-[30px]\">\n      <div class=\"relative pt-[20px]\">\n        <div class=\"content-wand\"><\/div>\n\n                  <div class=\"mb-[10px] text-[14px] leading-[1.3] font-medium uppercase\">\n            <a class=\"bg-sea-green text-white py-[6px] px-[12px] inline-block no-underline hover:bg-slate\" href=\"https:\/\/www.stepstonegroup.com\/category\/white-papers\/\">Whitepapers<\/a>\n          <\/div>\n        \n                  <h4 class=\"text-[17px] leading-[1.3] lg:text-[24px] lg:leading-[1.16667] font-medium mb-[4px] lg:mb-[10px] text-slate\">\n            <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/real-estate-primer\/\" class=\"inline-block color-inherit no-underline hover:underline\">\n              Real estate primer            <\/a>\n          <\/h4>\n              <\/div>\n\n          <\/div>\n  <\/div>\n<div class=\"insights-item flex flex-col swiper-slide max-w-[320px] lg:max-w-[416px] mr-[24px] revealator-slideup revealator-duration10 revealator-delay6\">\n  <div class=\"insights-item__image flex-[0_0_auto] bg-slate relative has-img\">\n    <div class=\"image-wand\"><\/div>\n\n    <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/market-opportunities-real-estate-secondaries-recapitalizations\/\" class=\"block\" aria-label=\"Market opportunities: Real estate secondaries &amp; recapitalizations\">\n              <img decoding=\"async\" loading=\"lazy\" class=\"mx-auto w-full object-cover\" src=\"https:\/\/www.stepstonegroup.com\/wp-content\/uploads\/2024\/01\/231019-163800-STEPSTONE2023FallAnnual-NNT-02280-416x208.jpg?theia_smart_thumbnails_file_version=2\" alt=\"2023 360 Conference John Waters Josh Cleveland\">\n          <\/a>\n  <\/div>\n\n      <div class=\"insights-item__content flex-[1_1_0] bg-clay pb-[20px] px-[30px]\">\n      <div class=\"relative pt-[20px]\">\n        <div class=\"content-wand\"><\/div>\n\n                  <div class=\"mb-[10px] text-[14px] leading-[1.3] font-medium uppercase\">\n            <a class=\"bg-sea-green text-white py-[6px] px-[12px] inline-block no-underline hover:bg-slate\" href=\"https:\/\/www.stepstonegroup.com\/category\/videos\/\">Videos<\/a>\n          <\/div>\n        \n                  <h4 class=\"text-[17px] leading-[1.3] lg:text-[24px] lg:leading-[1.16667] font-medium mb-[4px] lg:mb-[10px] text-slate\">\n            <a href=\"https:\/\/www.stepstonegroup.com\/news-insights\/market-opportunities-real-estate-secondaries-recapitalizations\/\" class=\"inline-block color-inherit no-underline hover:underline\">\n              Market opportunities: Real estate secondaries &amp; recapitalizations            <\/a>\n          <\/h4>\n              <\/div>\n\n          <\/div>\n  <\/div>\n            <\/div> \n                        <div class=\"swiper-button-next\"><\/div>\n            <div class=\"swiper-button-prev\"><\/div>\n\n          <\/div>\n        <\/div>\n          <\/div>\n  <\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Real estate trades now seem to reflect higher interest rates and certain negative factors in general economies. Trading volume is still muted.\u00a0We expect it to take several years to resolve the pervasive issue of overleverage caused by steep value declines. Similar to\u00a0the post GFC era, lender forbearance, work-out and loan restructuring negotiations\u00a0and foreclosures take time. [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":17320,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[424],"tags":[126],"coauthors":[386],"class_list":["post-23807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","tag-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>StepStone Real Estate Spring 2024 House Views - StepStone Group<\/title>\n<meta name=\"description\" content=\"Real estate trades now seem to reflect higher interest rates and certain negative factors in general economies. Trading volume is still muted.\u00a0We expect it to take several years to resolve the pervasive issue of overleverage caused by steep value declines. 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Trading volume is still muted.\u00a0We expect it to take several years to resolve the pervasive issue of overleverage caused by steep value declines. Similar to\u00a0the post GFC era, lender forbearance, work-out and loan restructuring negotiations\u00a0and foreclosures take time. 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[&hellip;]","og_url":"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-spring-2024-house-views\/","og_site_name":"StepStone Group","article_published_time":"2024-04-24T20:23:49+00:00","article_modified_time":"2024-04-24T20:23:54+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/www.stepstonegroup.com\/wp-content\/uploads\/2023\/06\/erol-ahmed-9ZWtkOCMxbM-unsplash.jpg","type":"image\/jpeg"}],"author":"emily washburne","twitter_card":"summary_large_image","twitter_misc":{"Written by":"emily washburne","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-spring-2024-house-views\/#article","isPartOf":{"@id":"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-spring-2024-house-views\/"},"author":{"name":"emily washburne","@id":"https:\/\/www.stepstonegroup.com\/#\/schema\/person\/5c5c885a0a34184603b015651a0e6e13"},"headline":"StepStone Real Estate Spring 2024 House Views","datePublished":"2024-04-24T20:23:49+00:00","dateModified":"2024-04-24T20:23:54+00:00","mainEntityOfPage":{"@id":"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-spring-2024-house-views\/"},"wordCount":349,"publisher":{"@id":"https:\/\/www.stepstonegroup.com\/#organization"},"image":{"@id":"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-spring-2024-house-views\/#primaryimage"},"thumbnailUrl":"https:\/\/www.stepstonegroup.com\/wp-content\/uploads\/2023\/06\/erol-ahmed-9ZWtkOCMxbM-unsplash.jpg","keywords":["Real Estate"],"articleSection":["Market insights"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-spring-2024-house-views\/","url":"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-spring-2024-house-views\/","name":"StepStone Real Estate Spring 2024 House Views - StepStone Group","isPartOf":{"@id":"https:\/\/www.stepstonegroup.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-spring-2024-house-views\/#primaryimage"},"image":{"@id":"https:\/\/www.stepstonegroup.com\/news-insights\/stepstone-real-estate-spring-2024-house-views\/#primaryimage"},"thumbnailUrl":"https:\/\/www.stepstonegroup.com\/wp-content\/uploads\/2023\/06\/erol-ahmed-9ZWtkOCMxbM-unsplash.jpg","datePublished":"2024-04-24T20:23:49+00:00","dateModified":"2024-04-24T20:23:54+00:00","description":"Real estate trades now seem to reflect higher interest rates and certain negative factors in general economies. Trading volume is still muted.\u00a0We expect it to take several years to resolve the pervasive issue of overleverage caused by steep value declines. Similar to\u00a0the post GFC era, lender forbearance, work-out and loan restructuring negotiations\u00a0and foreclosures take time. 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