Why This $73 Billion Investor is Avoiding Data Centers: “They’re Too Expensive” | Josh Pristaw

Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm In this episode of Monetary Matters, host Jack sits down with Josh Pristaw, President of the $73 Billion real estate firm Clarion Partners, to decode the smartest institutional property plays for the new 2026 market cycle. Pristau incisively breaks down why Clarion avoids the massive concentration risks of direct data center development, opting instead to capitalize on the AI and e-commerce boom through their $42 billion industrial and logistics portfolio. He reveals senior housing as the firm's highest conviction asset class, driven by an undeniable demographic tsunami where 10,000 Americans turn 80 daily, demanding a quintupling of current supply pipelines. Listeners will also gain deep insights into the multifamily rental market's recovery, which is currently being fueled by peak household formation demographics and stabilizing lease trade-outs. Conversely, Pristau outlines a starkly bearish case for non-trophy office spaces, citing massive tenant replacement costs and functionally obsolete designs. Whether you are navigating commercial real estate investing, private credit ripples, or core-plus fund strategies, this interview delivers a masterclass on finding high-yield stability in a shifting macroeconomic landscape. Follow Jack Farley on X https://x.com/JackFarley96 Follow Fundrise on X https://x.com/fundrise?lang=en Pieces discussed: “A Golden Opportunity for Senior Housing”: https://www.clarionpartners.com/insig... “U.S. Core Real Estate: A New Cycle is Emerging”: https://www.clarionpartners.com/insig... “Building into the Future: The Case for U.S. Industrial Development”: https://www.clarionpartners.com/insig... Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps 00:00 Intro 00:15 Fundrise Income Fund Pre-roll 01:00 The Issue With Data Centers: They're Too Expensive For Most Real Estate Funds 11:10 Multifamily (Apartments) Are Showing Green Shoots 16:30 Rents in San Francisco & New York Very Strong 18:31 Fundrise Income Fund Midroll 19:45 Opportunity in Senior Living As America Ages 32:20 Industrial Bull Case: Why Clarion has $42 Billion in Industrial 48:27 Broad Recovery in Real Estate Market Has Already Begun: 7 Consecutive Quarters of Positive Returns 56:44 Fundrise Income Fund Endroll #realestate #seniorliving #seniorlivingcommunity #realestateinvesting #fundrise