The US economy has historically remained resilient through periods of global uncertainty, and property values remain below their peak, which means investors can now enter the market at prices that still reflect the correction, not the recovery, according to MSCI.Andrew Kleinig, head of Australasia and South-East Asia, Nuveen. Our focus is on real estate that people need regardless of what the economy is doing, such as medical buildings, grocery-anchored centres and last-mile logistics.While opportunities exist across Europe and Asia Pacific, our strongest conviction remains the US, where pricing, supply constraints and market depth are creating some of the most compelling opportunities globally.The sectors we find most exciting right nowOver the past year, 48 of 49 available country and property-type combinations tracked globally produced a positive return, says MSCI. Three sectors stand out.Healthcare and medical outpatient real estate: The shift from inpatient hospital care to lower-cost outpatient treatment is structural and accelerating. In the US, the over-75 age group is expected to grow 68 per cent between now and 2040 – demand is essentially written into the demographic calendar. Rents have grown 26 per cent since 2017, yet new construction runs at roughly half its recent peak, and tenant retention sits above its 10-year average, according to the American Hospital Association (AHA).Senior housing: Demand from ageing Baby Boomers continues to outpace new supply, producing rent growth above 4 per cent for both independent and assisted living, says the AHA.Grocery-anchored retail: After 15 years of reorganisation, tenants adapted, weaker operators exited, and very little new retail was built. Net store openings, strong retail sales, and values still below replacement cost all point to meaningful upside as the broader market catches up to what the data has been telling us.Real estate debtNuveen research also highlights growing opportunities in real estate debt. More than $1 trillion of commercial property loans mature in the US between now and 2028, with only 21 per cent of borrowers planning to repay in full. As banks refocus on prime senior lending, non-bank lenders are finding elevated margins with less competition. Historically, lending near the bottom of the cycle has produced some of the strongest vintages on record.Australian investors are already movingSentiment is shifting among Australian investors. According to Nuveen 2026 Equilibrium survey, 85 per cent of Australian respondents plan to either maintain or grow their allocation to private real estate over the next two years – a greater proportion than their North American and European peers.The depth of commitment to private real estate among Australian investors is striking and significantly ahead of the global average.But what the data also tells us is that the most sophisticated investors are no longer limiting themselves to familiar domestic markets or traditional sectors. The opportunity set has evolved considerably, and for Australian investors with strong private market conviction, this is the moment to diversify both geographically and across sectors to capture where the long-term growth is.The window is openWe believe that cities that embrace technology, plan for ageing populations and take sustainability seriously will continue to attract capital, benefiting the real estate that serves those cities. Reset values, scarce new supply and growing global conviction do not come together often. The conversation about private real estate is shifting decisively from “if” to “how” and “where”.Donald Hall is global head of research, Nuveen, and Andrew Kleinig is head of Australasia and South-East Asia, Nuveen.Visit nuveen.com/global-cities to find out more about Nuveen’s global cities strategy.Investing involves risk, including the loss of principal and there is no assurance that an investment will provide positive performance over any period of time. Past performance does not guarantee future results. Nuveen, LLC provides investment solutions through its investment specialists. 5554385