The Commercial Real Estate Ecosystem

Published on March 2, 2026

In public markets, the identity of the marginal buyer is usually a footnote. If one investor steps away, another one shows up, without much impact on the price. Commercial real estate (CRE) does not work that way. Stijn Van NieuwerburghEarle W. Kazis and Benjamin Schore Professor of Real Estate, Finance Division Neel ShahPhD Candidate, Finance Division