Adam Gallistel on US office
From Market Cycles to Digital Infrastructure: Adam Gallistel on Co-Leading CBRE Investment Management · · Columbia Business School
“I don't love US office as a business. It's Russian roulette on the leasing, it's oversupplied, it's massively CapEx intensive. But because everybody hates it right now, we think you have a unique opportunity where office now is priced as it should be, which is off of free cash flow.”
On , Adam Gallistel, Co-CEO & Chief Investment Officer of CBRE Investment Management at CBRE Group, spoke about US office during Market Cycles to Digital Infrastructure: Adam Gallistel on Co-Leading CBRE Investment Management on Columbia Business School.
About Adam Gallistel
In a December 2025 podcast interview, Adam Gallistel, co-CEO and CIO of CBRE Investment Management, discussed his views on global real assets markets and the firm's strategic positioning. He contrasted the U.S. and European markets, stating that in Europe "you actually get paid to go into Europe" due to yield curve differentials, and described the U.S. as "a land of plenty" where decreased regulation has led to oversupply in many sectors, resulting in a weak outlook for rental growth. He characterized Europe as benefiting from historical underbuilding, making it "a bigger fish in a smaller pond" for value investors. Gallistel also commented on the U.S. office sector, saying he does not "love US office as a business" because it is "Russian roulette on the leasing, it's oversupplied, it's massively CapEx intensive." However, he noted that because "everybody hates it right now," office assets are "priced as it should be, which is off of free cash flow," presenting a unique opportunity. The conversation also touched on his background at GIC, where he focused on next-generation growth sectors like data centers, and his emphasis on humility, preparation, and flexibility in investing.