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How multifamily offices are playing commercial real estate

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How multifamily offices are playing commercial real estate


A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.

The family offices of high-net-worth investors are increasingly pouring their money into alternatives, and real estate is high on their list. For some, instead of going it alone, they’re joining forces in multifamily offices.

The multifamily office model lets these investment arms of wealthy families pool resources, share expertise and unlock bigger deals. With more than $12 billion under management, Realm is a multifamily office investment platform specializing in commercial real estate. The typical family using Realm has about $200 million in investable assets.

CNBC spoke with its CEO, Travis King. Here are some highlights from the conversation, edited for length and clarity: 

Property Play: Why go multifamily?

Travis King: We are better investors collectively than we would be individually. So what that means is we’re combining not only capital, but also our collective trusted relationships and industry knowledge and geographic knowledge to find and execute better investment decisions.

You’ve seen big allocations amongst the institutions. They’ve all grown their real estate allocations, in some cases, from low single digits to, in some cases,10% or more allocation-wise. You still don’t see that with a lot of the family offices, although there’s a strong desire to do so. 

So I think that next horizon is going to be finding ways to access direct real estate with these families that will allow them to be able to diversify a little bit more and enjoy some of those benefits of real estate that have been a little bit elusive unless you wanted to actually buy that real estate yourself, which can tend to be very time intensive, for sure, and, a lot of times, requires a pretty large dedicated staff.

PP: How do you play real estate?

TK: Real estate is evolving, right? There’s never one thing that you want to be focused on in real estate. I think that’s part of what gives us a leg up. … You’ve heard the adage ‘location, location, location,’ and that’s true. I think that continues to be a very true adage. What we find is that we’re unique in that we move across property type and across geography. So given the scale that we have as an organization with, I think collectively, north of $12 billion in investable assets amongst these families that we work with, we have the ability to see a lot of different deal flow in a lot of different areas. 

In real estate, there’s a macro-cycle, and that cycle is always very important. You don’t want to swim against the tide. You also don’t want to, you know, try to fight the cycle. But there’s micro-cycles that happen in different geographies and within different property types, so that’s a key thing to consider.

PP: So of the many CRE sectors, what’s your fave?

TK: If you look at this point in time, what we think is interesting, you’ll start with office. I think in a lot of areas, we’re starting to see office really be in an area where we think that pricing has kind of bottomed. And you know that because when we start looking at some of these investment decisions — we’re looking at one right now in Northern California — it becomes less of, ‘Hey, would we like this if it were just a little bit cheaper?’ And it starts to get to the point where that’s not really the question anymore. It really gets down to saying, ‘We know it’s cheap. It’s intrinsically cheap.’ In some cases, we’re buying things at 15% of replacement cost. 

Realm CEO Travis King

Courtesy of Realm

PP: What are you staying away from?

TK: What I try to stay away from are broad categories, right? Say, for example, like, well R&D or industrial is going to be over. These things cycle, and there’s going to be different points in time. So I think the market, by and large … they look at things and say, ‘OK, data centers, you know,  they’ve been over invested, and now there’s too much capital in data centers.’ We particularly were, we’re not really in data centers in a large way, because we focus on that lower middle market. 

PP: Isn’t everybody in data centers?

TK: Yeah, but it’s the big boys in data centers, right? I’m trying to find an angle where we have something that others don’t. If you look at the big boys that have got tens of billions of dollars in their fund to be able to invest, there’s a lot of dollars required to do the infrastructure in the data center. We really focus on, kind of $50 million deals and below, because we feel like we’ve got an edge there. So yes, everyone is in data centers, but it’s one of those things where a lot of people are saying, ‘Wow, there’s a lot of money chasing this. It might be late in the cycle.’ I tend to probably agree with that, but it’s also just outside of the realm of where we’re trying to invest.

PP: How does your business change if interest rates come down?

TK: I would say reducing interest rates helps real estate in most every regard. I think first and foremost, it’s going to help transaction volume. I think it just provides a wind to the sails of transactions, and it raises the value of all real estate.



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GST 2.0 impact: Companies rush to hire temporary staff; rate cuts expected to boost festive buying – The Times of India

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GST 2.0 impact: Companies rush to hire temporary staff; rate cuts expected to boost festive buying – The Times of India


Companies across consumer electronics, e-commerce, automobiles, retail, logistics, and FMCG are rushing to hire temporary staff as India’s festive season kicks off, following reduced GST rates from September 22. Industry experts say many shoppers had postponed purchases earlier this season, which dented sales, but with firms passing on GST cuts through price reductions, buyers are expected to spend more freely, prompting companies to step up hiring and marketing. Staffing agencies including Quess, Randstad, and CIEL HR report that demand is highest for frontline and fulfilment roles. This includes in-shop demonstrators, retail sales staff, warehouse pickers and packers, last-mile delivery personnel, and service technicians for appliances and electronics. Contact-centre and back-office staff are also being scaled up to handle higher order volumes. “Several sectors that already ran festive hiring drives are now extending mandates and adding last-minute temp headcount in response to the GST rate cuts and the expected post-cut sales surge,” Aditya Narayan Mishra, MD of CIEL HR told ET. “Demand is strongest in consumer durables, followed by auto and large BPO/CRM operations,” Mishra further added. Shilpa Subhaschandra, chief commercial officer, Operational Talent Solutions, Randstad India, said, “We are seeing clients, particularly in ecommerce, quick-commerce, consumer electronics, auto, retail, logistics, and FMCG extend and add last-minute mandates beyond their original plans to capture the anticipated jump in festive sales.”Subhaschandra further told ET, “On average, these additional mandates translate to a 20-25% uplift in temporary workforce requirements versus last year, with quick-commerce platforms showing the largest thrust, expanding headcount by 40-60% to handle surge volumes.” The festive season that began with Onam in August and runs through Diwali, is India’s biggest shopping period, accounting for 25–30% of annual sales for most consumer goods companies. However, early sales during Onam in Kerala and pre-Durga Puja in East India were subdued as consumers waited for the GST reduction. Industry executives expect strong sales to continue through Christmas as pent-up demand is released. Retailers and electronics chains are hiring up to 20% more temporary staff to manage the anticipated rise in demand from Navratri to Diwali. Auto companies including Mahindra & Mahindra and Maruti Suzuki are also increasing staffing requirements, according to recruitment firms. Email queries to these companies went unanswered. Leading electronics retailer Vijay Sales is expanding its temporary workforce by 10–15% this festive season, said director Nilesh Gupta. He added that demand is expected to rise for large-screen televisions and air conditioners, where GST has been reduced from 28% to 18%. Daikin India, a Japanese AC manufacturer, is boosting shopfloor promoters and increasing its marketing budget to recover from a recent sales slump, said managing director KJ Jawa. Great Eastern Retail will also hire more temporary staff in its top 20 high-footfall stores than originally planned, said Pulkit Baid, director of the East and North India-focused electronics chain. Auto companies have increased hiring by 20–25%, while e-commerce staffing is growing steadily at 15–20%, with a further surge expected over the next two weeks, said Nitin Dave, CEO of Quess Staffing Solutions told ET. “While broad salary levels have not shifted significantly, some employers are offering attendance and joining bonuses to attract talent,” he added.





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European airports cyber attack: Indian airports remain unaffected; Heathrow, Berlin & others face delays – The Times of India

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European airports cyber attack: Indian airports remain unaffected; Heathrow, Berlin & others face delays – The Times of India


Indian airports have so far remained safe from the cyber attack that has swept across many airports in Europe, a senior government official told PTI on Saturday.London Heathrow, Berlin and several other European airports are facing operational disruptions after a cyber-attack on Collins Aerospace systems, used at the airports.Following the incident in Europe, Indian authorities checked the situation at domestic airports, the official further said, adding that there has been no adverse impact on Indian airports linked to the European cyber security incident.The official added that the Collins MUSE system, which was targeted, is mainly used in Europe. Only a handful of airports there have been affected.No Indian airport operator has made any comment about the issue yet.“A third-party passenger system disruption at Heathrow may cause delays in the check-in process. Our ground teams in London are working to minimise inconvenience,” Air India said in a post on X on Saturday afternoon.The airline also asked passengers flying from London that day to complete web check-in before reaching the airport to avoid long waits.The BBC reported that the cyber-attack has affected electronic check-in and baggage systems at several airports across Europe.





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Good News For Amul Lovers! Prices Of 700 Products Slashed After GST Cut

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Good News For Amul Lovers! Prices Of 700 Products Slashed After GST Cut


New Delhi: Good news for Amul lovers! The Gujarat Cooperative Milk Marketing Federation (GCMMF), which sells dairy products under the iconic Amul brand, has slashed prices on more than 700 product packs. The revised prices, effective from September 22, 2025, come after the recent cut in Goods and Services Tax (GST) rates, making everyday dairy items a little lighter on your pocket.

Wide Range of Amul Products Get Cheaper

The price cut isn’t limited to just a few items—Amul has slashed rates across its popular range. Essentials like butter, ghee, UHT milk, and ice cream are now more affordable, along with bakery products and frozen snacks. Even cheese, paneer, chocolates, malt-based drinks, and peanut spreads are part of the price drop, thanks to the government’s move to lower GST on essential food items.

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Amul Butter Gets a Price Cut

One of the biggest highlights is the price of Amul butter (100 gm pack), which has dropped from Rs 62 to Rs 58. This move reflects GCMMF’s effort to make everyday dairy staples more budget-friendly for households across India.

What Products Are Cheaper Now?

Amul’s latest price cuts cover a wide variety of favorites:

Butter & Ghee – Everyday staples now available at lower rates.

Ice Cream & Cheese – Frozen delights made more pocket-friendly.

Bakery & Frozen Snacks – From breads to potato snacks, prices have dropped.

Dairy & Non-Dairy Items – UHT milk, paneer, chocolates, and malt-based drinks are now easier on the wallet.//

Amul’s price slash comes right after Mother Dairy announced a Rs 2 per litre cut in milk prices, effective September 22, 2025. As part of the broader GST rate revision, Mother Dairy has also reduced prices of paneer, butter, cheese, and ice cream, giving consumers more relief on everyday essentials.



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