The Legal Side of CRE in 2025 with Eric Greenfield
On this episode of The Matthews Podcast, Matt Wallace sits down with Eric Greenfield, shareholder and chair of the Real Estate Industry Group at Polsinelli.
Blending Law and Real Estate
Greenfield’s career path reflects the industry’s evolution. Starting at firms in Chicago, he developed a hybrid skill set that bridged traditional “dirt law” with complex corporate structuring. At Polsinelli, where he has spent the past 13 years, he helped transform the firm into one of the nation’s largest real estate practices.
Rather than siloing attorneys, Greenfield emphasizes cross-training. “We retrain all of our associates and even shareholders to be corporate real estate attorneys,” he explains. In today’s environment, he argues, it’s no longer enough to just know the dirt—you have to understand how funds, LPs, GPs, and corporate structures all fit together.
Reading the Market
Asked about the mood of the market, Greenfield describes it as uneven but not pessimistic. Industrial and student housing remain strong, with steady activity keeping his team busy. Data centers are experiencing a surge, fueled by AI and computing demand, while multifamily continues to hold up as younger generations choose renting over homeownership.
Yet volatility still weighs on developers and investors. Tariffs, shifting interest rates, and policy changes create constant stops and starts. “People aren’t necessarily sitting there anymore complaining about tariffs, they just want consistency so they can underwrite deals and move forward,” he says.
The Rise of Family Offices
One of the more striking shifts has been the emergence of family offices as active players. Traditionally content to stay in the background as limited partners, many began launching their own platforms to invest directly. While some gained valuable experience, Greenfield believes the experiment may be short-lived.
“They could do it debt-free, get something off the ground, and refi later. But I don’t think they enjoyed it, and they definitely don’t want to be running it,” he notes. Even so, he acknowledges that family offices are now far more sophisticated and selective, with sharper instincts for choosing developers and operators.
Adapting to New Capital Structures
The conversation also touches on financing. With traditional bank lending constrained, developers are increasingly working with alternative capital sources. Greenfield points to mezzanine debt, structured equity, and joint venture partnerships as defining features of today’s deal landscape. Younger, more entrepreneurial funds are stepping into these spaces, offering flexibility that banks can’t match.
“It just looks a little different,” he explains. “People’s first reaction isn’t to call their banker anymore. They’re starting to call these newer, more flexible groups instead.”
Global Investors and Shifting Geographies
From his vantage point advising cross-border clients, Greenfield sees capital flowing into surprising markets. Beyond the Sunbelt, investors are eyeing the Midwest—cities like Columbus and New Albany, Ohio, where data center infrastructure, universities, and affordable costs of living are creating new hot spots. Secondary metros around Nashville and Chicago are also attracting multifamily and mixed-use activity.
“It’s not just the coasts anymore,” he says. “You’re hearing a lot more diversity in where capital is going.”
Advice for the Next Generation
As the conversation closes, Greenfield shares advice for young professionals entering real estate and law. His message is one of confidence: don’t fear technology, including AI, and don’t be afraid to learn every side of the business. Flexibility, he stresses, will always be rewarded in an industry defined by cycles.
“There’s always opportunity in real estate,” he says. “Don’t be scared to jump in and learn every side of the business.”
Looking Ahead
Eric Greenfield’s insights highlight a commercial real estate market that is both volatile and full of promise. While debt structures, tariffs, and policy shifts complicate the landscape, innovation and adaptability remain constants. For Greenfield, the lesson is clear: resilience, creativity, and a broader skill set will define the next era of real estate.
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