Just a few months ago, economists forecast an increase in the reference interest rate for 2024 at the earliest. In contrast, real estate players are anticipating an adjustment towards the north earlier. Irrespective of where the interest then comes to rest – the rents will rise. The game of supply and demand seems clear. The reluctance of institutional investors to purchase investment properties is slowing down supply, exacerbating the current housing shortage and accentuating the further increase in rental costs for the population. For the current year, with 70,000 people, excluding refugee flows from the Ukraine, a positive migration balance has again been recorded. Even higher values ​​are expected in 2023. Good prospects – at least for those investors who invest in indirect investments. Hardly any new capital is currently being allocated to real estate products, which is slowing down the widespread dilution of recent years, at least for the time being. By realizing the potential for increasing earnings in the portfolio and good financing management, the operating results will continue to improve. Asset managers are under pressure and have to set the right course with a great deal of sensitivity. Regardless of quality or location, 2% payout yields just aren’t enough if they want to continue to meet investor expectations. There is still an interesting alternative for commercial buildings. The market for office properties remains steadfast due to the renewed increase in demand for space. Because despite the trend towards working from home, there is hardly any less demand for space, rather these are increasingly intended for the social needs of employees. The flexibility of use is also becoming increasingly important. Important aspects of a holistic sustainability strategy, which takes into account not only ecological but also economic and social issues. Finally, positive developments on the global stock markets also reduced the pressure on listed real estate products. Any further interest rate hikes by the Swiss National Bank also appear to have already been priced into the current rates.