Research Letter – May 2025

As summer weather approaches, we take a look at how the UK’s hospitality sector is positioned to navigate a tumultuous geopolitical landscape. We then explore the maturing European private credit market, where we see opportunities despite slower growth relative to the US.

Next, we look at how flexible office operators can differentiate themselves in an increasingly competitive market by adopting hospitality-inspired approaches to tenant experience. Our exploration of fractal dimension analysis follows, with potential implications for both public and private real estate investment strategies.

Finally, we close off with a nod to Blackstone’s newly optimistic stance on office investments – a welcome “game on” moment that aligns with our long-held convictions on the sector – hopefully no one here ends up like Stacy.