With an unprecedented number of sizeable interest rate hikes in a relatively short time, the past year has been a time of adjustment for investors in commercial real estate. While real estate continues to be viewed as a valuable addition to both institutional investors’ and high-net-worth investors’ portfolios and a good hedge against inflation, lending standards have tightened, mortgage rates have risen and it’s harder to reach the same kinds of yields that were possible a year or two ago. Moreover, the outlook for rent growth is stalling for some sectors that were previously red-hot–industrial, multifamily, life sciences are all still good bets, but they are not likely to deliver the same super-high returns as they have been until now. Yet experienced real estate investors know how to make any environment work for them and reap the benefits. In the following gallery, we look at how eight firms are adjusting to the current changes in the commercial real estate market.