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Core commercial real estate: An examination of public vs. private

Learn how diversifying with private core real estate can benefit your portfolio.

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What you'll get

We'll lay out, in plain English, the differences between public and private real estate from the perspective of advisors allocating to the space. We'll dispel the belief that private real estate lags public real estate, discuss why it's important to include private real estate in most portfolios, and show how including less liquid investments may actually protect investors from the biases we all struggle with, whether we want to acknowledge those biases or not.

Including answers to questions such as:

  • What is core real estate?

  • What is a cap rate and is it correlated to interest rates?

  • Is a REIT ETF considered "core"?

  • Do public REIT price movements lead private market value changes?

About the author

Tom Miller is Chief Executive Officer and Chief Investment Officer of Union Square Capital Partners, with a current focus in USQ's interval fund strategies.

Previously, Tom was Head of Manager Research at Nationwide Investment Management Group. Prior to joining Nationwide, Tom was a financial analyst at the Vanguard Group, Inc. and a product manager at Delaware Investments. Tom holds a bachelor’s degree in business from the Pennsylvania State University and earned his doctorate from Drexel University’s LeBow School of Business.

About USQ

Built from the minds and experiences of the people at Chatham Financial, the largest, independent financial risk management firm providing advisory and software solutions to clients worldwide, USQ is dedicated to clearing the path for smart real estate investment decisions.

Get the research paper.

Learn how diversifying with private core real estate can benefit your portfolio.


This material is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. It is being provided merely for illustrative and educational purposes and to provide a framework to assist in the implementation of an investor’s own analysis and an investor’s own view on the topic discussed herein.

The information and opinions expressed are as of the date indicated, and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by USQ to be reliable, but are not all inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions is accepted by USQ, its officers, employees, affiliates or agents. Reliance upon information in this material is at the sole discretion of the reader.

Investment involves risk including possible loss of principal. Diversification and asset allocation may not protect against market risk or loss of principal. Past performance is not a guarantee of future results.