What happens when uncertainty shakes the global economy, and investors start questioning where to put their money?
In this episode, AFIRE CEO Gunnar Branson talks with Moody’s Analytics Chief Economist Mark Zandi about slowing job growth, shifting trade and immigration policies, and the market volatility that has investors eyeing gold, silver, crypto, and real estate.
Zandi highlights both the risks of a potential recession and the opportunities in U.S. commercial real estate, where prices have corrected significantly.
The near term may present “bouts of real anxiety,” says Zandi, but in the long term, he adds, “I’m confident that we’ll be fine.”
LINKS
Mentioned in the episode:
Trump taps ex-Fed insider Warsh to lead world’s top central bank
https://www.reuters.com/world/us/trump-picks-former-fed-official-warsh-run-fed-2026-01-30
To hear the globe’s top experts discuss opportunities in US property markets, register for future AFIRE conferences:
Summer Conference 2026 in Tokyo
https://www.afire.org/events/tokyo26/
KEY MOMENTS
00:00 Introduction
00:36 Market uncertainty and investor confusion
00:56 Mark Zandi’s background and perspective
02:19 Humility in today’s economy
03:24 De-globalization and safe-haven assets
05:45 U.S. commercial real estate as opportunity
07:21 CRE market corrections and valuations
08:59 Relative attractiveness for international investors
10:29 Single-family rental market overview
11:54 Affordability challenges and workforce housing
14:37 Local variations and political complexity
15:16 Job growth stall and recession risk
17:33 Fed rate cuts and policy pressures
20:24 Long-term rates and equilibrium forecasts
22:22 Inflation concerns and consumer impact
25:35 AI, tech investment, and data center boom
26:42 Potential bubbles and market corrections
30:06 Long-term growth perspective for real estate
31:06 Bumps ahead: cyber events and AI oversight
32:35 Optimism: U.S. economy resilience
34:06 Historical perspective and maintaining cool heads
DISCLAIMER
The publisher of the AFIRE Podcast is not engaged in providing tax, accounting, or legal advice through this publication. No content published in the AFIRE Podcast is to be construed as a recommendation to buy or sell any asset. Some information included in the AFIRE Podcast has been obtained from third-party sources considered to be reliable, though the publisher is not responsible for guaranteeing the accuracy of third-party information. The opinions expressed in the AFIRE Podcast are those of its respective contributors and sources and do not necessarily reflect those of the publisher.
The AFIRE Podcast with Gunnar Branson is the official, multiple-award-winning podcast of AFIRE, the association for international real estate investors focused on commercial property in the United States.
Hosted by AFIRE CEO Gunnar Branson, the podcast features informative and in-depth conversations with experts across the full spectrum of real estate, investment, sustainability, economics, geopolitics, and urbanism with a focus on helping each other become Better Investors, Better Leaders, and Better Global Citizens. To learn more, visit afire.org/podcast
QUESTIONS?
Benjamin van Loon, Communications Director
bvanloon@afire.org | +1 202 312 1405
Karen is the head of acquisitions for Allianz Real Estate, and has worked to invest in more than $25 billion of unlisted institutional real estate over the past 20 years. The first half of her career was oriented toward closed-end value-add and opportunistic fund investments in office, retail and multi-family assets across continental Europe. Since 2011, Karen has primarily focused on core and core-plus commercial investments in US gateway markets.
