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.

ANREV is pleased to present the results of the Investment Intentions Survey 2026 with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the seventeenth edition of the regional survey which attracted 78 participants (71 institutional investors and 7 multi managers) collectively representing over $1 trillion USD of real estate assets under management.

This report seeks to provide ANREV members with a perspective of the private real estate market landscape, illuminating the case for having an APAC real estate allocation within global investor portfolios. It examines the case for fundamental growth drivers, diversification benefits, unique market opportunities as well as showing how the region has improved in the context of transparency, governance, liquidity and sustainability. The ANREV Research Committee’s perspective for the publication is to support strategic decision-making for investors, developers, and other stakeholders.

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 October 2025 include:

• For the fourth consecutive quarter global real estate returns remained in positive territory with a 1.01% return in Q2 2025.
• With a stabilisation in valuations, attention now turns to local market dynamics to drive further income growth.
• Private capital, operating platforms and emerging property types are allowing investors more flexibility in their deployment of capital.

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 July 2025 include:

• Global real estate markets posted modest gains in Q1 2025, but investor caution persists amid valuation uncertainty and macroeconomic risks.
• Capital is being strategically reshuffled across sectors and regions, with growing interest in resilient themes and long-term alignment.
• Core and ODCE-style funds are attracting more capital than non-core funds due to their transparency, governance, and lower-fee structures.

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: 

• The Q1 2025 ANREV All Funds Index delivered a total return of 0.89%, with negative capital return of -0.40% while distributed income return registered 1.29%. 
• There is broad based positive performance reflected by the ODCE funds’ assets performance across country markets in Q1 2025, with China as the only exception.  
• At the asset level, the residential sector’s total return continues to outperform, the sector returned 1.25% versus industrial’s 0.62% and office’s 0.00% over Q1 2025. 

For any queries, please contact David Green-Morgan or Cheng Wee Tan.

ANREV, INREV and NCREIF are pleased to release the second 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 47 funds out of the 49 funds included in the Global ODCE Index, representing a total gross asset value (GAV) of USD 336 billion (98% of the Global ODCE Index’s GAV) as of the end of 2024.

Key highlights include:

• The Total Global Expense Ratio (TGER) for Global ODCE in 2024 remained unchanged year-on-year at 0.82% based on GAV, while the TGER based on NAV increased by 3 bps to 1.21%
• TGER and vehicle costs are lower for US funds which are generally larger and invest in a single country
• Professional services are the highest vehicle costs across all three regions

• Total real estate AUM at US$3.8 trillion in 2024, marking third sequential year of contraction from 2021 peak.
• The top 10 managers by size represents 52% of the total AUM, reflect concentration of AUM towards the largest managers persist.
• Non-listed real estate funds are largest non-listed product by AUM globally, accounting for 57% of the total non-listed real estate AUM.

The total global real estate assets under management (AUM) was at US$3.8 trillion at the end of 2024. The total AUM of the top 10 managers was nearly US$2 trillion

With over US$530 billion of real estate AUM, Blackstone tops the overall list, followed by Brookfield and Prologis.

ESR takes the first spot in the top 10 in APAC, followed by GLP and CapitaLand.