North American Conference 2026: highlights

On 3 June 2026, INREV welcomed members to the New York Athletic Club for its North American Conference, bringing together investors, fund managers and industry leaders to explore how real estate is adapting to a rapidly evolving global environment. Under the theme positioning for the next phase: markets, strategy and leadership, the programme focused on the forces reshaping capital allocation, geopolitical dynamics and leadership in uncertain times.

The day opened with a welcome from INREV CEO Casper Hesp, who set the tone by emphasising the importance of resilience and adaptability as the industry navigates structural shifts and cyclical pressures. Conference moderator Byron Carlock followed with opening remarks, framing the discussions around the interplay between macroeconomic change, investor behaviour and leadership priorities.

A resilient US with global implications

The morning keynote from Alexis Crow, Partner and Chief Economist at PwC, examined the question of enduring US exceptionalism. Crow highlighted the relative strength of the US economy compared with other global regions, underpinned by productivity gains, innovation and capital market depth. However, she also pointed to growing divergence across regions, noting that while the US remains a focal point for global capital, investors must be increasingly selective in identifying opportunities within a more fragmented market landscape.

Building on this, Brian Klinksiek, Global Head of Research and Strategy at LaSalle, explored global turning points across capital flows, defence spending and real estate. His remarks underscored how geopolitical tensions, shifting alliances and increased government intervention are influencing investment patterns. Real estate, he noted, is increasingly intertwined with broader strategic considerations, including energy security, supply chains and national resilience.

Geopolitics and a reordered world

The second keynote session, delivered by Ron Keller, economist and former Dutch ambassador to multiple global powers, provided a deep dive into a world reordered. Keller outlined how geopolitical uncertainty, rising protectionism and shifting power balances are defining a new global order. For real estate investors, this translates into heightened risk considerations but also new opportunities in regions and sectors aligned with long-term structural trends.

Discussions during the breakout sessions reflected these themes, with participants openly sharing perspectives on managing risk, identifying resilient sectors and adapting strategies in a more complex geopolitical environment.

Allocating capital through uncertainty

The afternoon investor panel brought together Michael Morell (NYS Teachers’ Retirement System), Sally Stocks (CalSTRS) and Kevin Reid (Corebridge Financial) to discuss allocating capital through uncertainty. Moderated by Byron Carlock, the panel highlighted a cautious but active investment approach, with a focus on portfolio diversification, disciplined underwriting and long-term value creation.

Panellists emphasised the importance of liquidity management and the need to balance defensive positioning with selective deployment of capital into sectors with strong fundamentals, such as residential, logistics and niche alternatives. The conversation also touched on the evolving role of partnerships and the increasing emphasis on alignment between investors and managers.

Leadership in turbulent times

The conference concluded with a keynote from Brigadier General (Retired) Bernard ‘Bernie’ Banks on leadership under pressure. Drawing on his military and academic experience, Banks shared practical insights on leading through uncertainty, emphasising clarity of purpose, adaptability and the ability to make decisions in complex and fast-changing environments.

He highlighted that effective leadership in today’s context requires not only technical expertise but also emotional intelligence and the capacity to inspire confidence amid volatility.

Looking ahead

Closing the conference, Byron Carlock reflected on the key themes of the day, noting that while uncertainty remains a defining feature of the current environment, it also creates opportunities for those prepared to adapt. From macroeconomic shifts and geopolitical realignment to evolving investor expectations and leadership challenges, the discussions reinforced the need for a forward-looking and flexible approach.

The event concluded with a drinks reception, providing attendees with the opportunity to continue conversations and strengthen connections across the INREV network.

As the industry looks ahead, the message from this year’s conference was clear: navigating the next phase will require a combination of strategic insight, disciplined execution and strong leadership.

Thank you to all participants, speakers, and hosts for making this year’s North American events a success.

You can view the available presentations from the North American Conference below.