PIMCO’s Alicia Li on US commercial RE and key trends shaping opportunities
INTERVIEWSERIES
Alicia Li, Product Strategist, Real Estate, PIMCO
October 2025
In this exclusive interview, Alicia shares her perspectives on the key trends shaping the US commercial real estate market, why real estate debt presents a compelling opportunity for investors today and how it can complement other areas of private credit. Alicia also discusses the lessons learned over her extensive career navigating US commercial RE markets and how those learnings have shaped her approach today.
Watch the full interview which covers:
00:20 - What are the key trends currently shaping the commercial real estate market, and how do you see them evolving over the next few years?
01:05 - Why is real estate debt a compelling opportunity for investors today?
01:52 - How competitive is the US commercial real estate market and how is PIMCO positioning itself to capture opportunities?
02:53 - How does commercial real estate debt complement other areas of private credit and what should be considered when allocating?
03:52 - What lessons learned have shaped your approach to investing in US commercial real estate?
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Alicia Li, Product Strategist, Real Estate, PIMCO
Alicia is a senior vice president and product strategist in the Singapore office, covering real estate strategies. Prior to joining PIMCO in 2023, she was a director of business development at PIMCO Prime Real Estate, where she oversaw strategy and product development of real estate products in Asia-Pacific.
Previously, Alicia was a senior vice president at Keppel Capital, where she was responsible for real estate investments in Asia-Pacific across core and value-add real estate strategies.
Alicia has 15 years of investment and financial services experience and holds an undergraduate degree from the National University of Singapore. She is a CFA charterholder.
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