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 November 2026 include:

• The US midterm elections produced a divided government, which may reduce the likelihood of major policy shifts—though uncertainty over tariffs, federal spending and the fiscal outlook may continue to pressure Treasury yields and borrowing costs.
• Bond yields spiked in early October before settling back below 5% for the US 10-year, while higher long-term yields across many developed markets are adding pressure to real estate valuations.
• For real estate, economic and capital market fundamentals—especially interest rates, growth and liquidity—remain more important to long-term performance than national election outcomes.
• The latest Global ODCE fee and expense ratio comparison includes all 49 funds for the first time; US ODCE funds report the lowest average TGER (0.67% based on GAV and 0.93% based on NAV), reflecting single-country focus and larger average fund size.