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Ron Bohlert, director of real estate at the New York Stock Exchange, participated in a video interview during Nareit’s REITwise: 2024 Law, Accounting & Finance Conference held March 19-21 in Hollywood, Fla.

Bohlert highlighted the performance discrepancies between market sectors. He also emphasized the significance of broader market indicators like the Russell 2000 Index in assessing overall market health.

“In looking at the S&P 500, it's a makeup of 11 different sectors, [and] the two heavily weighted sectors—information technology [and] consumer discretionary—are both up about 12% year-to-date, and a larger chunk of those gains are just a handful of very heavily weighted stocks," he said.

Regarding potential upticks in REIT IPOs, Bohlert attributed the subdued activity to cautiousness amid fluctuating valuations influenced by the prevailing interest rate environment. He said a gradual increase in IPOs is possible as both companies and bankers acclimate to market conditions.

Discussing interest rates, Bohlert suggested a nuanced approach by the Federal Reserve, citing data dependency and inflation management as crucial factors. He said he expects a conservative stance from the Fed, with a reluctance to enact rate cuts prematurely.

"Data dependent, I do not think [the Fed will] cut rates before the year end, largely because the data and some of the things that we're doing right now to tame inflation a little better is starting to take effect,” he said.

Bohlert also discussed the upcoming REIT IR Symposium, highlighting its significance as a platform for industry professionals to engage in discussions, networking, and knowledge-sharing. This event, which will be co-hosted by NYSE and Nareit on June 3, promises valuable insights and opportunities for real estate practitioners.