{"id":1004779061,"date":"2025-12-03T13:30:22","date_gmt":"2025-12-03T21:30:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004779061"},"modified":"2025-12-17T05:39:48","modified_gmt":"2025-12-17T13:39:48","slug":"cres-golden-age-of-asset-management","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cres-golden-age-of-asset-management\/","title":{"rendered":"CRE&#8217;s Golden Age of Asset Management"},"content":{"rendered":"\n<p class=\"has-drop-cap\">In early 2024, I discussed what I called the coming <a href=\"https:\/\/www.commercialsearch.com\/news\/economists-view-the-coming-golden-age-of-asset-management\/\">\u201cGolden Age\u201d of asset management<\/a>. In short, I argued that with interest rates and cap rates now rangebound (after a roughly 40-year period when both structurally declined), property performance and income returns would take on increased relative importance in driving total returns. Of course, that meant appreciation returns would become relatively less important. Since that column, many others have come around to this view as well. But this is only where the story begins, especially when it comes to the importance of asset management.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-fl-body-text-color has-text-color has-background wp-element-button\" href=\"https:\/\/mydigitalpublication.com\/publication\/?i=858029\" style=\"background-color:#1bb1ae\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>READ THE MAGAZINE<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0f4ff4d2267&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004703613\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/economists-view-the-coming-golden-age-of-asset-management\/ryan-severino-feature\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Ryan-Severino-Feature.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Ryan-Severino-Feature\" data-image-description=\"&lt;p&gt;Ryan Severino&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Ryan Severino&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Ryan-Severino-Feature.jpg?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Ryan-Severino-Feature.jpg?w=800\" alt=\"Ryan Severino\" class=\"wp-image-1004703613\" style=\"width:373px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Ryan-Severino-Feature.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Ryan-Severino-Feature.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Ryan-Severino-Feature.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Ryan Severino<\/figcaption><\/figure><\/div>\n\n\n<p>Yes, in a world where investors cannot simply bank on interest rates and cap rates declining, appreciation returns will have less of an impact than they\u2019ve had in decades. But that doesn\u2019t mean that they\u2019ll have no impact. And because of this, it ironically means that investors really need to get their entry and exit points on deals correct, because there\u2019s now a smaller margin for error. Over the last few decades, when appreciation returns were very high, investors could afford to make mistakes or risk imprecise underwriting, and deals could still look successful.<\/p>\n\n\n\n<p>But with appreciation returns now more limited and rangebound, the cost of a mistake has gone up, especially in a world of competitive returns.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"has-text-color has-link-color wp-elements-36cd2c0e2e501abe7e90f128f9da88d7\" style=\"color:#3d5360\"><strong>We don\u2019t want to traffic in narratives about people falling in love with their deals and not wanting to part with them.<\/strong><\/p>\n<\/blockquote>\n\n\n\n<p>What that means in practice is that investors are going to have to make smarter buying, holding and selling decisions because the market will not bail out mistakes as easily as it did when cap rates were structurally declining. Of course, that will place increased pressure on acquisitions teams, underwriting and valuations. But that also means that asset management teams can add a tremendous amount of value through the hold\/sell process. We don\u2019t want to traffic in narratives about people falling in love with their deals and not wanting to part with them. But there is an element of truth to this scenario. At a minimum, it seems that many investors give much more thought to a deal\u2019s entry strategy than its exit.<\/p>\n\n\n\n<div class=\"wp-block-cover\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-20 has-background-dim\" style=\"background-color:#6e636f\"><\/span><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/AdobeStock_1704490032_featured.jpg?w=1024\" class=\"wp-block-cover__image-background wp-post-image\" alt=\"Close-up of dartboard with a single red dart hitting the bullsey\" data-object-fit=\"cover\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/AdobeStock_1704490032_featured.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/AdobeStock_1704490032_featured.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/AdobeStock_1704490032_featured.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/AdobeStock_1704490032_featured.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" data-attachment-id=\"1004779072\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cres-golden-age-of-asset-management\/close-up-of-dartboard-with-a-single-red-dart-hitting-the-bullsey-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/AdobeStock_1704490032_featured.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Alexander - stock.adobe.com&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Close-up of dartboard with a single red dart hitting the bullsey&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"AdobeStock_1704490032_featured\" data-image-description=\"&lt;p&gt;Stock image purchased for a one time use. Do not reuse without requesting permission from the art department&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Economist&#8217;s View. Image by Alexander\/Adobe Stock&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/AdobeStock_1704490032_featured.jpg?w=1024\" \/><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<p class=\"has-text-align-center has-large-font-size\" style=\"font-style:normal;font-weight:700\">In the coming Golden Age, income returns will matter more than they have in decades.<\/p>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center has-small-font-size\"><em>Image by Alexander\/Adobe Stock<\/em><\/p>\n\n\n\n<p>Shrewd asset management, via a rigorous hold\/sell analysis, can help investors time deals well to maximize their exit strategy. It can help them avoid holding on to deals too long and exiting at less attractive prices, or worse, simply getting stuck with a deal they would rather not own any longer. Analyzing capital markets conditions and the outlook for space markets, and having a detailed understanding of the rent roll, tenant needs and satisfaction; a building\u2019s competitive set and renewal probability; and capital costs can help make better sell-timing decisions.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"has-text-color has-link-color wp-elements-28c622d9fcb8ef65b79c9c91e3bd4597\" style=\"color:#3d5360\"><strong>Investors really need to get their entry and exit points on deals correct, because there\u2019s now a smaller margin for error.<\/strong><\/p>\n<\/blockquote>\n\n\n\n<p>In the coming Golden Age, income returns will matter more than they have in decades. But because of this change, investors will need to act cautiously to maximize their appreciation returns. Asset management\u2019s increasing importance is not limited to just income generation.<\/p>\n\n\n\n<p><em>Ryan Severino is the chief economist &amp; head of research at BGO, where he is responsible for global and regional economic research, analysis and forecasting as well as property market research, insights and forecasting. Additionally, he is an adjunct professor at Columbia University and New York University. Severino holds a master\u2019s degree from Columbia University, a bachelor\u2019s degree from Georgetown University, and is a CFA charterholder.<\/em><\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-background\" style=\"background-color:#16a19a33\"><em><a href=\"https:\/\/mydigitalpublication.com\/publication\/?i=858029\" target=\"_blank\" rel=\"noreferrer noopener\">Read the December 2025 issue of CPE.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Precise timing and discretion are more critical than ever, according to Economist Ryan Severino.  <\/p>\n","protected":false},"author":3490,"featured_media":1004779072,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,37752,51037],"tags":[],"class_list":["post-1004779061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-research-center-economy-ecommerce","category-trends"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CRE&#039;s Golden Age of Asset Management - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cres-golden-age-of-asset-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CRE&#039;s Golden Age of Asset Management\" \/>\n<meta property=\"og:description\" content=\"Precise timing and discretion are more critical than ever, according to Economist Ryan Severino.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cres-golden-age-of-asset-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-03T21:30:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-17T13:39:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/AdobeStock_1704490032_featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ryan Severino\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cres-golden-age-of-asset-management\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cres-golden-age-of-asset-management\/\",\"name\":\"CRE's Golden Age of Asset Management - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cres-golden-age-of-asset-management\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cres-golden-age-of-asset-management\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/AdobeStock_1704490032_featured.jpg\",\"datePublished\":\"2025-12-03T21:30:22+00:00\",\"dateModified\":\"2025-12-17T13:39:48+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/60932f75a12b46d735eed8bec9556535\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cres-golden-age-of-asset-management\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/cres-golden-age-of-asset-management\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cres-golden-age-of-asset-management\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/AdobeStock_1704490032_featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/AdobeStock_1704490032_featured.jpg\",\"width\":1200,\"height\":900,\"caption\":\"Economist's View. 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