Starwood Capital Group's Jonathan Pollack warns that US immigration policy is dampening multifamily rents while boosting Southern European property values. The Miami-based firm's president told delegates at the PERE Network Asia Summit 2026 that restrictive immigration measures are deterring both legal and illegal migrants, reducing demand for rental housing.

Pollack noted that one million fewer immigrants entered the United States last year, significantly impacting marginal demand in the rental market. The policy is also discouraging tourism, with international visitors citing risks at immigration checkpoints. While lower-tier US housing and hospitality sectors struggle, premium properties continue to perform well, with "record headline ADR numbers" for high-end accommodations.

In contrast, Europe shows stronger growth prospects, particularly Southern Europe, which benefits from redirected travel and increased defense spending following the Ukraine conflict. Starwood sees opportunities in logistics, having partnered with a South Korean asset manager to acquire properties in the AI-driven manufacturing sector. The firm is also developing port-area logistics parks in Australia and building its Starwood Distressed Opportunity Fund XIII, targeting $10 billion in capital commitments.