What does it take to build a resilient real estate portfolio in an increasingly uncertain market?

In this episode of Bricks & More, host Adrian Strittmatter sits down with Rory Morrison, Managing Director and Head of Core Strategies Europe at PGIM, to explore how institutional investors are navigating faster market cycles and increasing operational complexity.

Rory shares his perspective on how the definition of ‘core’ real estate is changing, why investors need to balance resilience with the ability to adapt, and how global insight combined with local market knowledge can unlock long-term value, and explains why successful real estate investing is ultimately about understanding the people who consume real estate.

Adrian and Rory explore:

• Why real estate cycles appear to be getting faster, and how investors can navigate increasing market volatility.
• The evolution of ‘core’ investing and why dynamic core is about protecting against risk rather than simply taking on more of it.
• How institutional investors can use global data and experience while remaining sensitive to local market differences across Europe.
• Why UK single-family housing can deliver both attractive investment returns and meaningful social value.
• How ESG and climate resilience have become fundamental to protecting real estate value rather than simply creating a ‘green premium’.
• The story behind Manchester Fort and how an underloved retail park became an example of resilient, essential-needs real estate.
• Rory's advice for the next generation entering real estate: why building and maintaining a strong professional network matters.

From portfolio strategy and market cycles to the changing needs of real estate consumers, this episode offers a detailed look at how institutional investors can build portfolios that remain relevant, resilient and capable of generating value through uncertainty.

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Head of Core Strategies Europe