Kathleen McCarthy tells the Property Summit cash flow is key for getting through the tightening cycle; Morgan Stanley’s Tim Church expects more pain will come for the commercial property sector. Follow updates here.
Blackstone is holding less office stock – on a percentage basis of its entire real estate portfolio – as it was a harder asset to get strong cash flow under a high interest rates environment, real estate co-head Kathleen McCarthy said.
“Seven, eight years ago ... we started to think again this is a tough way to make money,” McCarthy told the Summit. While Blackstone has de-emphasised from office, McCarthy said the whole sector should not be painted with one brush as demand was still strong for high quality and environmentally friendly stock located near high-quality amenities.
“That’s a phenomenon we see most pronounced I think here in the US, but really happening on a global basis.”
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