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International Real Estate Investment, Economy & Finance
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Friday Dec 19, 2025
Friday Dec 19, 2025
Indoor air quality is emerging as a commercial and regulatory priority for real estate owners, with growing evidence that combining air quality monitoring with energy management can improve tenant retention, asset performance, and financial outcomes, according to Jan-Kristian Westerlund, chief commercial officer at freesi.
Speaking to Real Asset Media at EXPO Real 2025, Westerlund said indoor air quality has historically been under-appreciated in property investment, but is now gaining prominence following the Covid-19 pandemic and Europe’s energy crisis.
“It’s a topic that is relatively new, so it needs more awareness,” he said. “However, after Covid and the energy crisis, it has increased in need through regulation.”
Westerlund pointed to the revised Energy Performance of Buildings Directive, which will require indoor air quality monitoring and control in non-residential buildings across the EU. He said this regulatory shift has significantly accelerated adoption among property owners and managers.
“The new Energy Performance of Buildings Directive is now requiring implementation of indoor air quality monitoring and control in all non-residential assets,” he said. “This has increased the awareness tremendously.”
Freesi works with a broad range of real estate stakeholders, from commercial portfolio owners to cities and municipalities, with its technology now used by more than 100 cities. Westerlund said the company’s focus extends beyond data collection to ensuring that insights are understood and acted on across organisations.
“It’s about the people adopting, learning how to use the technology, and using it to make improvements for air quality in buildings,” he said.
This requires engagement across the entire ownership and management chain, from facilities teams and tenants to asset managers and portfolio owners responsible for financial performance.
“We work a lot with the stakeholders, from properties to facilities managers, to the actual tenants, to the asset managers who are commercially responsible for the buildings, and to portfolio owners who make them as financial products,” he said.
While indoor air quality monitoring is increasingly driven by regulation, Westerlund said clients remain focused on commercial outcomes. Many landlords are integrating indoor climate management alongside heating, ventilation, and cooling optimisation to ensure that energy savings do not come at the expense of occupant health.
“Whenever they’re doing energy management on heating, ventilation, and cooling, they will always implement indoor climate management to bring the safeguard that they never do it [while] compromising the health, well-being, and comfort of the people inside the buildings,” he said.
Improved air quality also supports tenant engagement and retention, which Westerlund described as a critical driver of asset-level financial performance.
“Through better tenant engagement and satisfaction, the landlords are able to retain their tenants for a longer time,” he said. “This, of course, is critical for the finances of the assets.”
On the investment side, Westerlund said decision-making is increasingly data-driven, with financial metrics central to adoption.
“Our decision makers are financial decision makers, so they need to see the numbers,” he said. “They need to see the net operating income, how it changes from this. They need to see how long is the payback time for implementing this.”
At the same time, freesi also works closely with sustainability teams, particularly where indoor air quality data supports reporting on social and health-related ESG metrics.
“This is a perfect way of making it tangible in an area that is otherwise a little bit difficult for real estate managers,” Westerlund said.
www.realassetmedia.com
Thursday Dec 18, 2025
Thursday Dec 18, 2025
People and capital must come together if European cities are to attract long-term investment and remain competitive, according to Annelou de Groot, chief executive officer for the Netherlands at Cushman & Wakefield.
Speaking to Real Asset Media at EXPO Real 2025, de Groot said successful city investment strategies depend on aligning capital deployment with social outcomes. “The key takeaways for me is that it’s about two things. It’s about people and capital. And we need to combine both of them,” she said.
She pointed to Cushman & Wakefield’s research into inclusive cities, arguing that investment decisions must go beyond financial metrics alone. “It’s not only around capital, it’s also around being inclusive,” de Groot said. She defined inclusivity as resting on four core pillars: sustainability, diversity, affordability and accessibility.
While challenges vary widely across Europe, de Groot highlighted housing affordability as a shared pressure point. “What we see in general in Europe is that the affordability piece, mainly for housing, is a big challenge,” she said, adding that cities show far greater divergence when it comes to sustainability, accessibility and diversity.
Looking ahead, de Groot said defence spending is set to become a major structural driver of urban development and real estate demand across Europe. “We are just at the start of a huge, huge impact of defence industry in the real estate markets, but also cities in Europe,” she said.
She noted that European countries have committed to allocating around 3.5% of GDP to defence, a shift that will reshape demand patterns. “We will now be more focused on people. We will now be more focused on production, on logistics and on innovation campuses,” she said.
Those priorities, she added, will translate directly into property markets. “These expenditures will also come down to real estate expenditures,” de Groot said.
As European cities adapt to these structural changes, she argued that closer cooperation between the public and private sectors will be essential. “The big thing is to collaborate even more, public parties and private parties, not only to do the defence expenditures, but also to become a better city that combines growth together with sustainability and inclusivity,” she said.
www.realassetimpact.com
Thursday Dec 18, 2025
Thursday Dec 18, 2025
Falling interest rates should help revive activity across the US commercial real estate market, supporting higher transaction and lending volumes, according to Vikram Killampali, senior director and manager of US commercial real estate finance syndications at Helaba.
Speaking to Real Asset Media at EXPO Real 2025, Killampali was taking part in what he said was the first panel hosted in Germany by a US real estate lending organisation, aimed at giving European investors greater visibility on conditions and opportunities in the US commercial real estate market.
He said the outlook for interest rates was turning more supportive for deal activity. “Right now, because there's a story about declining interest rates, that should be positive for the commercial real estate market, and that should spur activity, acquisition volume and more loan volume for banks like Helaba,” he said.
He said the office sector continues to represent the main area of stress across US commercial real estate lending. “The challenge that I can see is consistent with what we've been experiencing for the past 18 months, which is in the office subsector, where there has been the most distress,” Killampali said.
He added that the impact of the pandemic continues to weigh on office markets in many US cities. “After COVID, the office subsector and a lot of markets got hit very, very badly, and that's what caused a lot of loan losses for banks like Helaba and others with an office portfolio,” he said.
Despite these pressures, Killampali said he remains positive on the medium-term outlook. “With that said, [I'm] excited about the prospects of commercial real estate industry in the US in the next couple of years.”
www.realassetmedia.com
Wednesday Dec 17, 2025
Wednesday Dec 17, 2025
Warsaw’s long-term transformation of its city centre is strengthening the quality of life, attracting talent, and boosting private-sector investment, according to Maciej Fijałkowski, secretary of the City of Warsaw.
Speaking to Real Asset Media at EXPO Real 2025, Fijałkowski said the Polish capital’s strategy focuses on combining heritage, contemporary development, and future growth, while positioning Warsaw as an open and inclusive city.
“Our transformation track is one of combining history, contemporary and future in the city, along with a specific approach of being an open city for everyone who would like to come to the city of Warsaw,” he said. “Our goal is to make the city as good for living as possible — a city of high-quality services, but also a green city.”
Fijałkowski said Warsaw is now one of Europe’s greenest capitals, supported by strong public transport connectivity and a high standard of urban services. A central pillar of this strategy is the redevelopment of the city centre, branded by the municipality as the “new city centre”.
“Our priority in the last years and in the following years is the transformation of the city centre,” he said. “We transform public spaces and create better quality public space in markets, squares and parks to make the city as liveable as possible.”
He added that high-quality public spaces, combined with safety and cleanliness, are key to Warsaw’s appeal for both residents and newcomers. “Warsaw is a very safe city — which is not obvious in European cities — it’s a clean city, and that makes it good for people to live in,” he said.
According to Fijałkowski, improving liveability also supports economic development by expanding the city’s talent base. “By building high-quality public spaces in the city centre, we encourage people who already live in the city and those who would like to come but are looking for a place to move,” he said. “We try to show them it’s a good place for you.”
He said this talent attraction is directly linked to investment potential. “If we enhance this pool of talent, if we encourage people to live and work in Warsaw, it gives them the opportunity to develop their skills and their dreams,” he said. “It also helps potential investors to make new projects.”
Fijałkowski added that successful urban development depends on a balanced ecosystem. “All this requires all elements to work together — good investment projects from the private sector, high-quality services from the public sector, and demand from people,” he said.
www.realassetmedia.com
Wednesday Dec 17, 2025
Wednesday Dec 17, 2025
Falling interest rates should help revive activity across the US commercial real estate market, supporting higher transaction and lending volumes, according to Vikram Killampali, senior director and manager of US commercial real estate finance syndications at Helaba.
Speaking to Real Asset Media at EXPO Real 2025, Killampali was taking part in what he said was the first panel hosted in Germany by a US real estate lending organisation, aimed at giving European investors greater visibility on conditions and opportunities in the US commercial real estate market.
He said the outlook for interest rates was turning more supportive for deal activity. “Right now, because there's a story about declining interest rates, that should be positive for the commercial real estate market, and that should spur activity, acquisition volume and more loan volume for banks like Helaba,” he said.
He said the office sector continues to represent the main area of stress across US commercial real estate lending. “The challenge that I can see is consistent with what we've been experiencing for the past 18 months, which is in the office subsector, where there has been the most distress,” Killampali said.
He added that the impact of the pandemic continues to weigh on office markets in many US cities. “After COVID, the office subsector and a lot of markets got hit very, very badly, and that's what caused a lot of loan losses for banks like Helaba and others with an office portfolio,” he said.
Despite these pressures, Killampali said he remains positive on the medium-term outlook. “With that said, [I'm] excited about the prospects of commercial real estate industry in the US in the next couple of years.”
Friday Dec 05, 2025
Friday Dec 05, 2025
Heribert Gangl, head of hotels and tourism at Erste Group Bank, said Central and Eastern Europe is entering a new phase of maturity in student housing and serviced living as demand spreads from more established Western European markets.
Speaking to Real Asset Media at EXPO Real 2025, he said: "There seems to be good, positive dynamics in student housing and serviced living in CEE now, spreading over from the more established, mature western markets, and these are also the CEE markets where we focus on and are very keen to find new assets in this asset class."
Gangl highlighted that institutional activity is reshaping the market as major operators extend their reach across the region. "What we have seen is now that there are a few dominant players building really large, sustainable platforms who are also now expanding in these parts, and this is going to continue, I believe, with a few major brands and owners, as investors are developing this space currently, especially due to student housing."
He added that although inflation-led rent growth may begin to ease, demand drivers remain strong. "I think in the last two years this growth has obviously been driven by the overall inflation, the underlying inflation, and with that, the rent increases in the residential market, so I would expect this to slow down with the slowing inflation rates as well."
He said: "But overall there's still a good growth perspective in terms of demand and on the rent side for student housing and serviced living products and co-living products, which is very much linked to the local residential market."
Thursday Dec 04, 2025
Thursday Dec 04, 2025
Jennifer Dixon, founder and chief executive officer of JD Solutions Group, said the European senior living sector offers a significant opportunity for US investors as demographic pressures and low penetration rates begin to reshape demand across the region.
Speaking to Real Asset Media at EXPO Real 2025, she said the level of global interest remains striking.
"There were so many different takeaways from [the] sessions and I think what was really surprising to me is that there is still just an incredible amount of interest and opportunity in the senior living market when we speak to that globally," she said.
Dixon noted that the US market has already undergone consolidation and a rise in investor sophistication. "In the United States, we’ve seen significant condensing of operators and investment and we’ve seen a real sophistication on the part of investors in terms of understanding how they look at the data and their own operating structure," she said. "So, that’s been really interesting to look at and it’ll be an interesting theme to see as investors from all over the world and from the US come into this market — what that will play out as."
She said American investors looking towards Europe need to understand regional nuances. "The more that US and American investors can understand the opportunities in the European and the German market, the market in Spain, the market in UK — it’s important for them to understand some of the nuances of those markets to be able to feel confident and investing there," she said.
A key part of that, she added, is recognising the strength of the local operators already active in the market. "There are great and fantastic operators who are already in the space right now in Europe. And that’s been my greatest takeaway of meeting some of these incredible operators and learning about the things that they are doing."
Dixon highlighted the scale of the opportunity by comparing penetration rates. "If you were just to look at the numbers right now, when you look at the market penetration in the United States can be anywhere from maybe 6% on the low end, all the way up to 12, 13, 14% in some heavily dense markets," she said.
By contrast, she said, the figure in Europe remains far lower. "When you take that and you compare it to looking at the markets in Europe — I believe the number I heard was less than 1% in terms of market penetration, that’s an incredible opportunity," she said. "And if you pair that with looking at the incoming wave of boomers who are coming right now, it’s very similar across the board."
She said the shortage of housing options for seniors is now becoming a global issue. "We are facing a shortage of housing options for our seniors. And, so, this is a problem that we can all work together to solve," she said. "There are many misperceptions and misconceptions about senior living."
Even in the US, she added, misunderstanding persists. "And even in an advanced market like the United States where senior living has been around for a long time, there is still this false perception that it isn’t about independence, it isn’t about preventative health. It isn’t about any of those things," she said.
Looking ahead, Dixon said the messaging around senior living needs to reflect its real purpose. "When we look at the messages that we have to carry, we have to understand how senior housing can help support that," she said. "What we’re looking at is how do we help our residents, our seniors live longer, live stronger, live very vibrant lives."
www.realassetinsight.com
Wednesday Dec 03, 2025
Wednesday Dec 03, 2025
Digital transformation is becoming an urgent priority for real estate owners and occupiers as artificial intelligence reshapes operating models, according to Daniele Di Fausto, chief executive officer at eFM.
Speaking to Real Asset Media at EXPO Real 2025, he said the sector is only now beginning to confront the scale of change required.
"The market is starting, so digital players, especially in the real estate, are far behind digitalisation, but now artificial intelligence is coming, and some clients are preparing for the new journey," he said. "There are three reasons that real estate, especially for corporations, is a non-core function. So, they invest more in the production side, in the core business, and not in the real estate."
He added that digital adoption has been held back by organisational silos and a historical lack of pressure to cut costs. "Now the situation has completely changed, so we are living in a crisis, and companies are trying to adapt easily; otherwise, they will be out of the market."
Di Fausto said the most immediate benefit for clients is the speed of decision-making. "The level of ability to change in getting information, in processing and getting fast results is one of the key drivers. After some time that they are using, the other point is productivity. And, so, efficiency is a consequence of the adoption."
Yet cultural resistance remains one of the biggest obstacles. "Even internally, they are struggling to have training and explaining the benefits of this approach to the employee. And the reason why is that AI will even cut a lot of jobs. And, so, the adoption has even negative consequences in the employment of the people."
eFM is working with major corporates undergoing large-scale transformation. "We have different big clients in Germany. One of the biggest is Bosch. So, we have corporations that have millions of sq m, and they are facing this transformation, so they are using eFM in order to make a transformation in the digital estate," he said.
"In the United States, even we have big clients like Samsung, San Diego Gas & Electric."
Banks across Europe are also reconsidering how branches should operate in a digital environment. "It's very important to start with a pilot project to prove the value of the technology and then to prepare the scalability," he said. "What we are seeing is that most of the companies are building digital agents for their employees."
Demographic pressures add urgency. "In the next five years, the workforce in Europe will be half. So, the big problem that we will face is the number of people with a technician background [who will retire]. No new people coming from university," he said. "How we can face the loss of knowledge and how AI can be another [resource] to help this transition and not losing the knowledge and helping us to increase the productivity?"
He expects hybrid human–AI teams to become commonplace. "In the next five years, we will have a lot of teams hybrid with normal people and digital agents to be managed in an integrated way. And this will be a cultural issue for a manager to have an employee and agents to manage together."
Di Fausto warned that companies that delay action risk falling behind. "It's becoming a necessity not to postpone the adoption of digitalisation. Without data, it's not possible to have a digital strategy," he said.
"More they will start, more they will learn. But if they do not start, they will lose the competition to others very, very soon. So not having a strategy in place with artificial intelligence in real estate can cost millions of euros to the company that will start in one year or two year time frame."
www.realassetmedia.com
Monday Dec 01, 2025
Monday Dec 01, 2025
Romania's North-East region is positioning itself as an emerging investment destination, backed by major EU funding, expanding industrial capacity and proximity to fast-developing markets.
Speaking to Courtney Fingar, editor of REAL FDI, Sebastian Hrib, head of the Brussels Office at the North-East Regional Development Agency of Romania, said the area combines untapped potential with accelerating modernisation.
The region covers around 37,000 square kilometres – larger than Belgium – and is home to 3.3 million people. It benefits from a €1.75 billion EU investment package running through 2027.
Iași, the region's largest city, acts as a research and innovation hub supported by universities, R&D centres and one of Romania's busiest airports. The wider area has industrial heritage, an expanding agro-food sector and a developing technology ecosystem.
Priority sectors, based on the region's smart specialisation strategy, include IT&C, health, energy and environment, textiles, tourism and agrifood.
When asked what is drawing foreign interest, Hrib pointed to strategic positioning. "We are in a window of opportunity that opens only once in a couple of decades due to geopolitical status," he said. "We sit right next to Ukraine and Moldova. Ukraine, we already know, will need reconstruction. And Moldova is an EU candidate state, a future part of the EU single market."
The region offers multiple entry points for investors, supported by 4.5% unemployment, nine industrial parks with expansion capacity, and state aid intensity of 50–60% of investment value.
"Add to that political stability, the next elections are in four years, and a high number of people who speak English and make doing business easier," he said.
Priority locations include industrial parks near Iași, Bacău, and Suceava, which are positioned to become technology and logistics hubs. Dedicated EU funding is available for infrastructure, digitalisation and innovation.
Hrib acknowledged the region faces lower GDP per capita, labour productivity needs and infrastructure gaps. However, he stressed that foreign direct investment can help close the gap.
"To do that, we need to become more competitive, to create more value and to bring in industries that generate high added value and naturally high wages," he said.
A key strength is the local talent pipeline. "We are the largest academic hub in Eastern Romania, with more than 60,000 students every year. And that is a powerful engine for any investor looking for long-term growth."
International companies, including Amazon and Continental, are already active in the region, alongside Romanian groups such as Antibiotice and Autonom.
The North-East Regional Development Agency works with local authorities and financial institutions to support incoming investors.
"The most important message today is we are reliable, open and fast to respond," Hrib said. "As an investor or consultant, you will always find an answer, a partner and a solution with us."
Investors can contact the agency via LinkedIn or through its website aderenordest.ro.
www.realassetmedia.com
Monday Dec 01, 2025
Monday Dec 01, 2025
Regional investors and domestic buyers are playing a growing role in Poland's real estate market as cross-border capital within Central and Eastern Europe expands and Polish businesses increase their exposure to institutional assets.
Speaking to Real Asset Media after a CEE investment briefing held at the CMS offices in London, Michał Mieciński, partner in the real estate and construction team at CMS, said the event brought together leading industry panellists and highlighted both the market’s growing maturity and the shift in capital sources.
"One of the subjects we've been discussing was the source of capital, and we see regional capital being more and more important."
He noted that neighbouring countries are increasingly active in Poland. "For example, Czech investors investing into Poland, Lithuanian investors investing into real estate in Poland. So, we see this intra-regional cooperation and investment opportunities."
However, a long-delayed policy change continues to weigh on the market. "Unfortunately, we don't have REITs in Poland, and work on that structure has been suspended so far by the Polish government," he said. "We still do hope that this will return, and eventually we'll have REITs in Poland."
Despite that absence, domestic buyers are increasingly active. "In the recent year, we see significant increase of Polish capital into real estate transactions. Compared to last year, when it was roughly 10% of all investments in Poland, this year it's roughly 25%," he said.
The trend is visible across multiple sectors. "So, we see Polish businesses investing into institutional real estate, into offices, but also other sectors."