The ANREV YP Perspective series is a digital-first blog series designed to amplify the voices of Young Professional (YP) members across the APAC real estate industry.

In this inaugural piece, Colin Mackay of Cromwell Property Group, explores how AI may reshape occupier demand, workplace design and investment strategy, and why quality, adaptable office assets are likely to be best positioned for the future.

ANREV, INREV and NCREIF are pleased to release the third publication of the global comparison of the Total Global Expense Ratio (TGER). The publication is an important step in enhancing transparency on the total fees and vehicle costs for open-end diversified core equity non-listed real estate funds (ODCE).

The study includes the TGER for all the 49 funds included in the Global ODCE Index, representing a total gross asset value (GAV) of USD 349 billion as of the end of 2025.

Key highlights include:

• The Total Global Expense Ratio (TGER) for Global ODCE in 2025 decreased slightly year-on year by 1 bps to 0.81% based on GAV, while the TGER based on NAV decreased by 2 bps to 1.19%
• TGER and vehicle costs are lower for US funds which are generally larger and invest in a single country
• Professional services remain the highest vehicle costs across all three regions

For further details contact [email protected]

Total global real estate AUM rose 19% to USD4.5 trillion at year-end 2025, marking the end of a three-year contraction, according to the Fund Manager Survey 2026.

Key findings:

• Global AUM up 19% to USD4.5 trillion – second highest value since inception
• Core allocations rose to 72% globally, up from 63% in 2024
• Top 10 managers held USD2.2 trillion; CapitaLand Investment led Asia Pacific
• Global dry powder rose 4% to USD211 billion

The return to core strategies reflects improving investor confidence and stabilising valuations. In Asia Pacific, the split between core and value add/opportunistic strategies remains equally balanced.

"Asia Pacific Real Estate: Navigating Growth Slowdown and Rising Costs" is part of a new series of short blogs authored by ANREV members, offering focused perspectives on specific real estate markets and sectors across Asia Pacific. Each paper provides timely insights into investment themes and strategic considerations, drawing on the deep expertise of industry practitioners. Further publications in the series will follow, with timelines to be confirmed.

As higher interest rates, rising costs, and weaker growth expectations weigh on confidence, real estate markets across Asia Pacific are entering a more challenging phase. In this second blog of ANREV’s new series, Hanna Safdar from AEW shares insights on how investment activity is slowing, underwriting assumptions are being reset, and select markets remain resilient.

The piece highlights how Singapore retains its safe-haven status on the back of solid fundamentals and currency stability, while Japan continues to attract domestic confidence in income growth, though cross-border capital is growing more selective. It also explores how rising construction costs are constraining development activity, prompting larger contingencies and more conservative lease-up assumptions in a softening demand environment.

With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

This year's survey attracted the participation of 103 fund managers with 50 domiciled in Europe, 34 in North America, 18 in Asia Pacific, and 1 in South America, totaling a minimum of US$138 billion of new equity raised for investments into non-listed real estate.

ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from April 2026 include:

• Global real estate returns recorded their quickest growth of 2025 in the final quarter, bringing full year returns to 4%.

• However, the first quarter of 2026 has brought renewed headwinds for real estate with the prospect of higher interest rates back on the agenda. The recovery during 2024 and 2025 is weaker than those recorded after the global financial crisis and Covid period.

• Capital raised for global real estate investment rose by 12% in 2025 but remains well below the highs of 2021 and 2022.

The Japan Real Estate Market View is part of a new series of short blogs authored by ANREV members, offering focused perspectives on specific real estate markets and sectors across Asia Pacific. Each paper provides timely insights into investment themes and strategic considerations, drawing on the deep expertise of industry practitioners. Further publications in the series will follow, with timelines to be confirmed.

As Japan moves deeper into a late cycle environment, real estate performance is increasingly driven by fundamentals and income growth. In this first blog of ANREV’s new series, Jerry Song from CBRE Investment Management shares insights on sector divergence and evolving investment strategies.

The piece highlights how office and residential markets remain resilient, logistics is entering recovery, and hospitality continues to strengthen, offering a nuanced view of where opportunities lie. It also explores how investors are adapting underwriting approaches in a higher rate environment.

The Asia Pacific Market Insights is a snapshot that compiles perspectives from our research committee to evaluate the market dynamics of the Asia Pacific non-listed real estate sector.  

Key highlights: 

• Currency volatility has significantly distorted fund performance: Over the last four years, foreign exchange fluctuations have caused quarterly swings of up to 8% in the USD-denominated ANREV ODCE Index, masking a period of relative stability where local currency returns averaged 1.4% per quarter.

• Core fund capital inflows are showing signs of recovery: For the first time in a challenging capital-raising environment, net capital inflows into core funds increased by 18% year-on-year in 2025, suggesting a renewed investor interest in core fund opportunities.

• Investors are shifting away from traditional funds toward direct strategies: According to the 2026 Investment Intentions Survey, investors are increasingly looking to decrease their exposure to non-listed funds in favor of more hands-on control through joint ventures and club deals.

For any queries, please contact David Green-Morgan or Sebastian Ramirez.

ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from January 2026 include:

• Global real estate returns remained in positive territory in the third quarter of 2025, albeit growing at a slower rate than in the first and second quarters of the year.

• With the focus on occupier trends across all property types, the attractiveness of assets to tenants will be paramount to driving returns.

• Investors’ preferences remain focused on industrial and residential opportunities, although office markets are making a comeback.