Keller Augusta’s Five Takeaways from the 2025 PREA Conference

Two senior leaders from the Keller Augusta recruitment team, Managing Director, Sierra Olney and our Senior Director, Kate Mecke attended the Pension Real Estate Association’s (PREA) 35th Annual Institutional Investor Conference that was held at The Westin Copley Place in Boston from October 22-24.

Attendees generally expressed positive sentiment, despite challenges around fundraising, and there seemed to be strong momentum for investment opportunities in the multifamily and industrial sectors.

Institutional investors are also gearing up for data center investment; we noticed a growing number of newer platforms dedicated to that sector, which we feel is an interesting development to watch.

 We also engaged in several conversations about senior-level hiring needs, which is encouraging to see in the lead up to 2026 and is in line with a growing trend we’ve noticed in the market.

Here are our five key takeaways from the event:

1. Investment opportunities are plenty, despite ongoing economic uncertainty

It is getting harder and harder for investors to predict future performance, but they are closely watching for geopolitical risks and are carefully approaching public and private real estate in the U.S. in search of value and growth opportunities to reinforce net operating income in their portfolios.

U.S. markets still attract a lot of attention, particularly those in the Midwest, such as Indianapolis, Ind., Kansas City, Mo., Dayton, Ohio, and other locations near medical hubs. There is demand for affordable housing in the areas, as well as broader opportunities for growth.

There are a number of other sectors garnering attention due to relative or continued success, such as credit, data centers, industrial, and open-air, grocery-anchored retail. 

2. The changing landscape for limited partners

The appetites of limited partners (LPs) in today’s market doesn’t elicit any overly captivating themes, other than some corners of real estate struggling to attract LP equity to deals.

The PREA conference underscored the idea that real estate investor allocations have become much more targeted, selective, and sophisticated. The secondaries market, though, presents an opportunity for proactive LPs to use it for the purpose of portfolio rebalancing; even for those not actively offloading fund positions or stakes, it will be important for LPs to closely observe pricing in the sector.

3. New technology (AI) adds to uncertainty

PREA attendees questioned the direction in which new technologies will lead the real estate industry, such as the idea of autonomous, self-regulating commercial buildings or blockchain-led transactions disrupting the space.

The investors seem to be bracing for what’s to come, whether it’s AI transmitting information or informing the industry on how to utilize space, alerting real estate firms to errors or issues, or automating aspects of the deal process, such as loan underwriting or site selection. 

The future of AI in commercial real estate is something we think about often at Keller Augusta as we continue to try to stay ahead of its potential impact on the industry and service the workforce needs of our clients.

4. Opportunities exist for experienced, organized and specialized CRE firms

Operational excellence is the key feature for those who want to be considered “best in class.”

High-level work borne from organizational and operational excellence developed through real estate cycles will stand out in the market going forward. More attention will likely be earned by those who have essentially mastered a niche or make targeted investment decisions focused on their areas of expertise. Discipline, resiliency and adaptability to changing circumstances – within the parameters of said investment strategies – will be key as investors try to set themselves apart in an evolving market.

We at Keller Augusta have seen a shift in hiring practices geared towards real estate professionals who can bring some level of specialized expertise to the right organizations.

5. Fundraising challenges spark a hiring trend

The overall sentiment around fundraising from major investment shops is that it has been challenging and increasingly protracted. Many groups have decreased or are planning to lower their fund targets by at least a couple hundred million dollars, and hitting their revised targets is taking much longer than expected.

Product specialists that sit between portfolio managers and more general fundraising professionals are a growing need in the industry, as a result of ongoing fundraising difficulties; this hiring trend is a sign of the additional support and capacity needed to overcome the existing hurdles.

As you plan for 2026, Keller Augusta is here to support your recruitment needs. Get in touch today.