Rather than siloing its investments into traditional commercial real estate sectors, investment manager Harrison Street focuses its investments on the needs people have as they move through life.

“Instead of multifamily, we invest in student housing,” said Harrison Street managing director Dave Liu in an interview with Yale Insights. “Instead of retail, we invest in self storage. Instead of generic office, we invest in medical office and biotech.”

This approach positions the firm in sectors that are constantly in demand and resilient to economic downturns. It learned the value of this strategy during the global financial crisis just three years after it launched in 2005 when what were once niche asset classes proved to be less volatile. COVID-19 and subsequent hyperinflation and rising interest rates reinforced the strength of its investment philosophy as it has weathered multiple black swan events.