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PODCAST: Morgan Stanley Real Estate Investing Co-CEO Lauren Hochfelder

Bisnow's audio series, Bisnow Reports, examines every facet of the international commercial real estate industry — from the murky future of retail and office to real estate’s reckoning with diversity to the effects of climate change on the built world, and so much more. You can subscribe on iTunes, Spotify and Amazon Music, or scroll down to listen in your browser.

Morgan Stanley Real Estate Investing co-CEO Lauren Hochfelder

On this episode of Bisnow Reports, we sit down with Lauren Hochfelder, the co-CEO and head of Americas for Morgan Stanley Real Estate Investing, the private real estate investing arm of the banking giant.

Hochfelder began as an analyst at Morgan Stanley in 2000, working her way through MSREI until she was named head of the Americas division in 2016 and appointed to the co-CEO role in February.

On the episode, she speaks about the macroeconomic environment, the shifts in Morgan Stanley’s real estate portfolio since the Global Financial Crisis and how the real estate industry as a whole may have to change the way it makes money.

"The industry overall has seen the greatest share of value appreciation from cap rate compression [in recent years]," she said. “We certainly cannot rely on that going forward — and in fact, the complete opposite.”