Welcome to Season 2 of the Real Estate Forum, a podcast from the Paul Milstein Center for Real Estate at Columbia Business School.

Home to Columbia’s renowned MBA Real Estate Program, the Milstein Center serves as a platform for thought leadership and exchange, connecting world-class faculty and deep industry expertise in the heart of New York City.

Hosted by Raphael Sidelsky '99, this season, we go deeper into the forces reshaping today’s real estate landscape—through timely conversations with industry leaders, investors, operators, and developers, alongside insights from Columbia Business School’s world-class faculty and original research from the Milstein Center’s Research Lab.

From capital markets and development to innovation, strategy, and sustainability, Season Two explores the ideas and decisions defining what comes next for the built environment.

Whether you’re a real estate professional, investor, student, or simply passionate about cities and the spaces we inhabit, the Real Estate Forum delivers informed perspectives from one of the world’s leading real estate programs—based in New York at the center of the global capital markets.
Subscribe wherever you get your podcasts and join us for Season Two.

The Real Estate Forum podcast is produced by The Podcast Consultant with special thanks to Executive Producer Maria Fera.

In this special episode of the Real Estate Forum podcast, two of Columbia Business School’s most distinguished economists, Glenn Hubbard, Dean Emeritus of Columbia Business School, and Abby Joseph Cohen, Professor at Columbia Business School and former Chief Investment Strategist at Goldman Sachs, came together on December 2, 2025, for a timely economic briefing at the 18th Annual Columbia Business School Real Estate Symposium on Columbia Business School’s Manhattanville campus.

In a wide-ranging and candid conversation, Glenn and Abby examine the state of the U.S. and global economy through the lens of real estate. They discuss the macroeconomic forces shaping capital markets, the evolving policy environment, interest rate expectations, and the structural shifts influencing asset values and long-term investment strategies. The discussion highlights both the headwinds and opportunities facing real estate investors, owners, and operators as they navigate today’s complex economic landscape.

In this episode of the Real Estate Forum, host Raphael Sidelsky interviews Adam Gallistel, co-CEO and CIO of CBRE Investment Management. They discuss Adam's experience in global real assets investment, his insights on market cycles, and CBRE IM's strategic positioning in the evolving landscape of real assets. Adam shares his thoughts on the importance of humility, preparation, and flexibility in investing, as well as the cultural and strategic advantages of CBRE IM. The conversation also covers the opportunities in digital infrastructure, the US and European real estate markets, and the potential for retail capital inflows into alternatives.

00:00:00 Introduction and Guest Introduction
00:05:00 Adam's Experience and Insights
00:10:00 Investment Philosophy and Strategy
00:15:00 Opportunities in Digital Infrastructure
00:20:00 US and European Real Estate Markets
00:25:00 Retail Capital and Future Trends
00:30:00 Career Advice and Personal Insights
00:35:00 Conclusion and Closing Remarks