In this special episode of the Real Estate Forum podcast, two of Columbia Business School’s most distinguished economists, Glenn Hubbard, Dean Emeritus of Columbia Business School, and Abby Joseph Cohen, Professor at Columbia Business School and former Chief Investment Strategist at Goldman Sachs, came together on December 2, 2025, for a timely economic briefing at the 18th Annual Columbia Business School Real Estate Symposium on Columbia Business School’s Manhattanville campus.

In a wide-ranging and candid conversation, Glenn and Abby examine the state of the U.S. and global economy through the lens of real estate. They discuss the macroeconomic forces shaping capital markets, the evolving policy environment, interest rate expectations, and the structural shifts influencing asset values and long-term investment strategies. The discussion highlights both the headwinds and opportunities facing real estate investors, owners, and operators as they navigate today’s complex economic landscape.

In this episode of the Real Estate Forum, host Raphael Sidelsky interviews Adam Gallistel, co-CEO and CIO of CBRE Investment Management. They discuss Adam's experience in global real assets investment, his insights on market cycles, and CBRE IM's strategic positioning in the evolving landscape of real assets. Adam shares his thoughts on the importance of humility, preparation, and flexibility in investing, as well as the cultural and strategic advantages of CBRE IM. The conversation also covers the opportunities in digital infrastructure, the US and European real estate markets, and the potential for retail capital inflows into alternatives.

00:00:00 Introduction and Guest Introduction
00:05:00 Adam's Experience and Insights
00:10:00 Investment Philosophy and Strategy
00:15:00 Opportunities in Digital Infrastructure
00:20:00 US and European Real Estate Markets
00:25:00 Retail Capital and Future Trends
00:30:00 Career Advice and Personal Insights
00:35:00 Conclusion and Closing Remarks

In this episode of the Real Estate Forum, host Raphael Sidelsky sits down with Jonah Sonnenborn, Head of Real Estate at Access Industries, to discuss his journey from investment banking to leading a global real estate portfolio. Jonah shares Access Industries’ strategic approach to building and managing iconic properties worldwide, highlighting landmark projects such as Faena District, One High Line, The Ocean Club, and Grand Hotel du Cap Ferrat.

The conversation covers the role of placemaking in creating lasting value, the balance between trophy assets and recurring platform plays, and the importance of long-term vision, hands-on leadership, and strategic partnerships in shaping the future of global real estate investing.

Photography Credit: Jonah Sonnenborn photo by Sasha Maslov.
Chapters:

(00:00:00) Introduction to the Real Estate Forum
(00:00:35) Meet Jonah Sonnenborn
(00:02:16) From Investment Banking to Real Estate
(00:07:59) Building Access Industries’ Real Estate Platform
(00:08:51) Case Studies: Faena District and One High Line
(00:13:29) The Ocean Club and Grand Hotel du Cap Ferrat
(00:16:45) Balancing Trophy Assets and Platform Plays
(00:19:04) Navigating Real Estate Challenges
(00:20:06) The Role of Placemaking
(00:20:56) Team Building and Strategic Partnerships