Introduction:

The USA Conference is one of Europe’s leading events dedicated to indirect US real estate investments. Hosted by the FondsForum-Platform and PIA Pontis Institutional Advisors on 5/6 March 2026 at the Hilton Gravenbruch, the conference celebrated its 10-year anniversary. With around 120 participants and more than 40 speakers, the program combined keynote presentations, panel discussions and expert interviews. The GP/LP ratio of approximately 60/40 once again underlined the quality of both the conference format and its attendees.

Pre-Event Dinner and Networking:

This year’s conference traditionally opened with the pre-event dinner in the ballroom of the Hilton Hotel Gravenbruch. The evening offered sponsors and investors an excellent setting for initial conversations, networking and exchange ahead of the official program, complemented by a welcoming atmosphere and culinary highlights. A retrospective slideshow covering the past 10 years of the USA Conference accompanied the dinner.

First Conference Day - 5 March 2026:

The conference opened with a warm welcome by Oliver Strumpf, founder of the FondsForum-Platform, followed by the opening address by David Rueckel, Founder and Managing Partner of PIA Pontis Institutional Advisors and conference chair. He outlined the legal challenges facing the Trump administration, noting that blocks had been issued in 34% of cases, while only 18% had favored the administration. He also emphasized that Trump is not the first “disruptive” president and argued that such presidencies, whether for better or worse, tend to emerge every 30 to 50 years and leave a lasting impact on the country. More broadly, he addressed market sentiment, key characteristics of the US and the current administration, while highlighting one central message: “Do not compare – just understand!” With this, the USA Conference officially kicked off.

I. Macroeconomics & Real Estate Fundamentals

The agenda commenced with a comprehensive introduction to the U.S. economy, highlighting that it remains resilient despite exceptionally high policy uncertainty. A key point was that real GDP currently understates underlying strength, and that real domestic private demand is the more relevant indicator, which continues to show healthy momentum. Corporate and household fundamentals remain sound, and there are still no clear signs of systemic financial stress. While Trump’s policies are challenging the foundations of U.S. exceptionalism, these foundations remain deep and strong enough for the economy to continue holding up better than many expected.

US real estate values have likely bottomed, and the market is entering a selective recovery phase. Senior housing was highlighted as particularly attractive, while retail and medical offices were also viewed positively. Office continues to face a longer recovery, but lower construction activity, with starts down 57% from the latest cyclical peak, should support future NOI growth. 

A broader market update indicated that a new cycle in U.S. real estate has likely begun. Values have reset, supply is declining, and transaction activity is improving, while positive core returns point to gradually rebuilding confidence. The tone was particularly constructive on senior housing, healthcare, and retail.

Lastly, a session on the ODCE universe pointed to an inflection point for core real estate. Lower new supply and improving rent growth were seen as supportive for future NOI growth, while the scale of past valuation declines suggested that much of the repricing is already behind the market. Total return for core real estate was expected in the 7% to 9% range.

II. Geopolitics, Financial Markets & the Forgotten Sectors

The focus then shifted to geopolitics and financial markets in a discussion led by a former member of the ECB and Deutsche Bundesbank and a former commander of the U.S. Army. The panel emphasized that Europe would need to assume greater responsibility in response to changing global dynamics and less rely on the US. Many current developments were seen as predating Trump, but now accelerating more visibly, with Trump described as a political “black swan” in the White House. More broadly, democracy was framed as benign.

Afterwards, the often-overlooked office and retail sectors were discussed. Office is showing early signs of stabilization, with H2 2025 marking the first positive absorption since 2021, while retail was viewed more constructively, particularly in prime urban and high-street locations.

III. AI, Data Centers and the Industrial Sector

The next agenda point focused on the AI boom, data centers and industrial properties. The keynote highlighted that enterprise AI often fails due to weak planning and poor data readiness, with only 8% currently described as successful. In real estate, the automation of LP and investment committee memos reduced handling time by 80% to 95%, while another key takeaway was the shift toward coordinated systems in which multiple AI tools or agents work together across workflows.

Next, a data center discussion underlined the sector’s continued strength, but also the need for selective underwriting. While demand remains strong and around 20% of new capacity was reported as pre-leased, risks around construction, power availability and exit remain relevant.

Industrial fundamentals remain solid, but performance has become more selective. Small-box and very large-box logistics were seen as strongest in 2025, while the 300k–500k SF segment lagged. With occupiers becoming more cost-sensitive, market selection is becoming increasingly important.

An U.S. investor also shared insights on secondaries, highlighting how the market is evolving into a broader portfolio management tool. GP-led transactions are gaining importance alongside traditional LP-led secondaries, reflecting a maturing market and rising demand for structured liquidity solutions.

IV. Living Sector and Special Guest

The final agenda section of the first day opened with a long-term perspective on the U.S. residential market and how development strategies have shifted across cycles. Particular focus was placed on the period during and after the Global Financial Crisis and its impact on capital structures, product focus and risk awareness in the living sector.

The multifamily market appears to have recovered and continues to be supported by strong fundamentals. Structural demand remains intact, while undersupply and affordability pressures in the for-sale housing market continue to support rental demand. 

The final session of the first day took the form of a special interview with the conference initiator Brad Olsen. The key message was that investors should remain patient and avoid overreacting to short-term noise around the U.S. The discussion also underlined the long-term resilience of the market and the importance of strong transatlantic investment relationships.

Second Conference Day - 6 March 2026

V. Manager Universe, Capital Flows and specialty sectors

The second day began with a discussion on the ongoing consolidation in the real estate investment market. Beyond traditional manager M&A, more direct investments alongside operating partners and a growing number of operators transitioning into GPs stood out as key developments. This dynamic environment is also creating opportunities for new platform spin-outs, particularly in emerging and specialty sectors.

A key thematic focus followed on affordable housing, which is increasingly moving from a specialty niche into a core sector. Strong demand fundamentals continue to outstrip supply, driven by a large and growing renter base facing affordability constraints. The discussion also highlighted higher renter mobility compared to traditional multifamily.

In U.S. student housing, fundamentals remain supportive despite some macro skepticism. Opportunities depend largely on asset quality and university strength, with large state schools and favorable supply-demand imbalances continuing to support attractive investment cases, particularly in off-campus housing.

A U.S. tax update described recent policy developments as something of a “roller coaster,” but noted that key concerns, including Section 899, appear to be off the table for now. Overall, the direction of travel was seen as increasingly investor-friendly, particularly for foreign capital.

VI. Tax, Canada and European Investor Perspective

The afternoon then shifted focus to Canada as an alternative North American allocation. Strong immigration-driven demand, lower volatility and resilient fundamentals were highlighted as key advantages. Attractive opportunities were seen not only in Toronto and Vancouver, but also in Montreal and Calgary, particularly in residential.

The day concluded with a European investor panel, which confirmed continued interest in U.S. real estate. While allocations remain measured, there is a clear trend towards more flexible investment approaches, including joint ventures and bespoke structures alongside traditional fund investments.

Back