In commercial real estate, is Underwriting or Asset Management a better career path?

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Depends, UW you get more familiar with different markets/asset classes/biz plans that is transferable to acq/orig, AM you get more operational experience. I’d say the former is better to move to a fund acting as LP. I was going to say the latter is better if you were to move to a GP, but now I’m not so sure, maybe only true if you were AM on dev projects and look to move to a developer

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