Greg MacKinnon is Director of Research at the Pension Real Estate Association (PREA), where he updates the world's largest institutional investors on portfolio construction, risk, and strategy. His is a vantage point most sponsors never get to hear directly.

In this conversation, Greg and I revisited our conversation from two weeks ago to drill deeper into the housing market. His thesis is simple but surprising: the capital flows and risk assessments at the very top of the pyramid are being reshaped by renter bifurcation and the economics of affordability.

Here are five questions Greg answered that every serious CRE professional should consider:

1. Why does the 10-year Treasury matter more than the Fed's 25 bps rate cut last week?
2. How fragile is today's economy, and what does that mean for institutional portfolio construction?
3. How can understanding the "barbell" of renter demand help you make better investment decisions?
4. Why has naturally affordable multifamily historically outperformed luxury on a risk-adjusted basis?
5. Where are institutions actually deploying capital today and why?

Greg's insights are drawn from the institutional world, where the stakes are measured in billions and the lens is long-term risk management.

For sponsors and operators, listening in offers a rare chance to see how these investors are evaluating markets - and to align your own strategies accordingly.