🌍 **PIMCO: Real Estate — From Repricing to Relevance**
PIMCO's newest Real Estate Outlook, from John Murray, Francois Trausch, Russell Gannaway, and Kirill Zavodov, argues commercial real estate is entering a new phase as artificial intelligence and geopolitical volatility reshape how physical space is used and valued.

**Why it matters:** Investors sizing CRE debt and equity exposure may need to reweight toward AI-linked demand drivers (data centers, logistics) and away from segments facing structural obsolescence, such as older office stock.
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