The real estate cycle is a capital cycle
Most conversations about the market start with prices. That is the last variable in the chain, not the first. What moves a real estate cycle is the availability, the cost and the patience of capital.
Insights
Perspectives on structure, capital and execution.
We publish what we would say in a first meeting: how transactions actually work, where they break, and what separates a process that closes from one that stalls.
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Featured
The current perspective.
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All perspectives
Everything we have published.
Transactions
Why off-market transactions require more structure, not less
A confidential process is not an informal one. It is the version where every step has to be deliberate.
Capital
What institutional capital actually asks of German real estate
Institutional buyers do not start with the building. They start with the mandate they have to satisfy.
Transactions
The anatomy of a complex real estate transaction
Every stage of a transaction answers a different question. Skipping one does not save time; it moves the problem later.
Structure
Forward deals: structure before marketing
In a forward deal the buyer is not buying a building. They are buying a promise with a delivery date.
Outlook
Data, AI and the future of real estate transactions
Automation is changing how a transaction is prepared. It is not changing who decides.
Structure
Why deal structure decides the outcome
Two transactions at the same price can produce entirely different results. The difference is structure.
Capital
How institutional investors evaluate an opportunity
The decision is not made in the meeting. It is made in the file that goes to the committee.
These articles describe general market practice. They are not legal, tax or investment advice and contain no figures we cannot substantiate.
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Insights
A question from one of these articles?
If a point here applies to a situation you are working on, a short conversation is usually faster than a long document.