Private Commercial Real Estate After the Market Reset with PGIM’s Andrew Garten (Ep. 104)
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Commercial real estate has repriced, but the opportunity isn’t the same across every property type or market.
What should investors weigh before adding it to a long-term portfolio?
In this episode, Robert Curtiss speaks with Andrew Garten, Alternative Investment Specialist at PGIM, about the case for private commercial real estate after the 2022 to 2024 market reset. They cover where PGIM sees demand across housing, senior living, medical offices, logistics, and necessity-based retail.
Andrew explains how core real estate may combine income, growth, tax deferral, and lower correlation with stocks and bonds. They also address liquidity, allocation ranges, manager selection, and why local supply and demand can shape results.
Andrew discusses:
- Why the 2022 to 2024 market reset may have improved pricing across selected commercial real estate sectors
- How senior housing, student housing, medical offices, and logistics reflect essential demand and limited supply
- How core real estate may combine income and growth while behaving differently from public stocks and bonds
- Why depreciation may defer part of private REIT income and affect an investor’s cost basis over time
- How liquidity needs, retirement timing, and portfolio goals can influence an appropriate real estate allocation
- And more!
Resources:
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Connect with Robert Curtiss:
- rcurtiss@seia.com
- (626) 795-2944
- About Robert Curtiss
- LinkedIn: Robert Curtiss
- Facebook: Robert Curtiss
- SEIA
- LinkedIn: SEIA
About Our Guest:
Andrew Garten is an Alternative Investment Specialist at PGIM, the asset management business of Prudential Financial. With more than 20 years of experience, he focuses on helping investors understand opportunities across private markets, including commercial real estate. In his role, Andrew draws on PGIM’s global real estate platform and long operating history to explain how property type, location, income potential, tax treatment, and liquidity can affect an investment. He holds a Bachelor of Science in International Business Technology, International Studies, and French from the Pamplin College of Business.