Nearshoring & Industrial Real Estate: Mexico’s Manufacturing Boom

Real Estate Forum Podcast — Season 2 Recap

As Season 2 of the Real Estate Forum Podcast comes to a close, we’re proud to share a recap of a season filled with timely conversations and insights from some of the real estate industry’s most influential leaders and innovators. Hosted by Raphael Sidelsky '99BUS, the season explored the ideas, strategies, and trends shaping the future of real estate across global markets. This season featured conversations with Hossein Fateh (CHQ), Anar Chudgar (Artemis Partners), Meredith Marshall '92BUS (BRP), Keith Breslauer (Patron Capital), David O'Reilly '01BUS (Howard Hughes), Lauren Hochfelder (Morgan Stanley), and Gregorio Schneider '96BUS (TC Latin America Partners). Across investment, development, leadership, and global market strategy, guests shared perspectives on navigating today’s evolving real estate landscape and the opportunities shaping the industry ahead.

Nearshoring & Industrial Real Estate: Mexico’s Manufacturing Boom

Hosted by Raphael Sidelsky, this episode features Gregorio Schneider, Chief Investment Officer at TC Latin America Partners and Adjunct Assistant Professor in the Business Finance Division at Columbia Business School. Gregorio shares his career journey from banking in Mexico to building a leading investment platform focused on industrial, logistics, and infrastructure opportunities across Latin America. Together, they explore how USMCA, labor costs, and regional supply chain shifts are driving manufacturing and logistics growth throughout Mexico. The conversation dives into key industrial markets including Monterrey, Tijuana, Juarez, and Mexico City, highlighting market dynamics such as vacancy rates, infrastructure constraints, and sector-specific growth. Gregorio also explains how investors are adapting strategies in today’s market cycle through build-to-suit developments, stabilized asset acquisitions, and long-term nearshoring plays. The episode concludes with insights on tariffs, automation, currency impacts, and why regionalization between the US and Latin America could shape the future of industrial real estate. Read Gregorio's featured viewpoint "The Southern Border and the Nearshoring Debate" on the Paul Milstein Center for Real Estates website here: https://business.columbia.edu/insights/milstein-center/southern-border-and-nearshoring-debate [https://business.columbia.edu/insights/milstein-center/southern-border-and-nearshoring-debate] 00:00 – Introduction & Gregorio’s Market Perspective 27:51 – Adapting Strategy Through the Real Estate Cycle 28:32 – Demand Pipeline & USMCA Uncertainty 29:13 – Build-to-Suit Return Profile Explained 30:41 – Cash-on-Cash Returns & Exit Cap Rates 31:43 – Currency Risk & Dollar-Denominated Structures 32:23 – Automation, AI & the Future of Manufacturing 33:41 – Regionalization vs. Globalization 34:39 – Compression of U.S.–Mexico Cap Rate Spreads 35:19 – Book Recommendation: “The Globalization Myth” 36:00 – Life Philosophy, Running & Real Estate Cycles 36:46 – Closing Remarks & Additional Resources

Conviction & Recalibration: Lauren Hochfelder on Strategy and Steering $75B in Real Assets

Lauren Hochfelder, Managing Director and Head of Global Real Assets at Morgan Stanley, joins Raphael Sidelsky to share insights from her 25-year career in real estate and investment banking. Lauren discusses her journey from studying ethics, politics, and economics at Yale to leading Morgan Stanley’s global real estate, infrastructure, and credit businesses. She explores key real estate investment themes, including demographic-driven senior housing, industrial demand fueled by e-commerce, and global opportunities in markets like Japan. Lauren highlights the value of institutional memory, rigorous research, and collaborative team culture in making informed investment decisions. The conversation also touches on balancing a demanding career with family life and how real estate continues to serve as a hedge against inflation, even amid evolving market dynamics.

Building for Decades: Howard Hughes CEO on Master-Planned Communities & Strategy

Host Raphael Sidelsky sits down with David O'Reilly, CEO of Howard Hughes Holdings, to discuss his path from engineering and investment banking to leading one of the country’s most innovative real estate platforms. The conversation explores the company’s master-planned community model, its long-term “flywheel” approach to development, and how projects like Summerlin and Ward Village create value over decades. David also shares insights on current market conditions, disciplined capital allocation, and the firm’s evolution toward a Berkshire Hathaway-style structure, including the potential role of insurance in scaling long-term growth.  00:00: Intro – Raphael Sidelsky welcomes David O’Reilly  02:00: Career Path – From engineering to investment banking to CEO  06:00: Lessons Learned – Finance and capital markets insights  12:00: Howard Hughes & MPC Model – Master-planned communities and flywheel approach  20:00: Balancing Short- & Long-Term – Profits, land, and growth strategy  30:00: Signature Communities – The Woodlands, Summerlin, Ward Village  38:00: Market & Capital Allocation – Current conditions and disciplined investing  45:00: Holding Company Strategy – Berkshire Hathaway-style growth and insurance  50:00: Closing Thoughts – Long-term value and strategic insights

Keith Breslauer on Patron Capital and Real Estate Private Equity Investing in Europe

Keith Breslauer, founder and managing director of Patron Capital, joins host Raphael Sidelsky to discuss the evolution of Patron into a leading pan-European private equity real estate platform. He shares how the firm built its value-add and opportunistic strategy across Western Europe, expanded into mezzanine credit and separate accounts, and partnered with Mitsubishi Estate to scale the platform. Keith also discusses the importance of governance, disciplined leverage, and local operating expertise, as well as Patron’s charitable housing initiative supporting women and families affected by domestic abuse. The conversation also explores ESG, mid-market opportunities across Europe, and the leadership values that shape Patron’s culture and long-term vision. 00:00 – Introduction 00:35 – Meet Keith Breslauer 03:11 – From Capital Markets to Real Estate 06:58 – Building Patron Capital & Investor Trust 14:35 – Patron’s Business Lines & Investment Strategy 18:44 – Investing Across Europe vs. the U.S. 23:37 – ESG, Student Housing & Office Opportunities 27:48 – Culture, Ethics & Leadership Principles 36:00 – Personal Motivation & Teaching 38:40 – Advice for Young Real Estate Professionals 41:48 – Future of Real Estate & AI Impact 45:00 – Patron Capital Legacy & Philanthropy 47:00 – Personal Philosophy & Gratitude 49:00 – Closing Remarks