The ANREV Management Fees and Terms study explores fees and costs structures of Asia Pacific non-listed real estate funds with a focus on the Total Global Expense ratios (TGERs) and real estate expense ratios (REERs). The 2026 study draws on 2025 data from 31 vehicles representing USD 67.5 billion in Gross Asset Value (GAV).

Key findings:

• TGER Benchmarks: The equal-weighted Total Global Expense Ratio (TGER) averaged 1.01% based on GAV and 1.53% based on NAV. Weighted averages were lower at 0.67% and 1.08%, reflecting the lower fee loads of larger funds.
• Cost Composition: While vehicle fees remain the largest TGER component, vehicle costs (particularly professional services) are the primary driver of expense ratio divergence across investment styles.
• REER Insights: The average Real Estate Expense Ratio (REER) stood at 1.07% of GAV, with a weighted average of 0.91%.  

For any queries, please contact [email protected]

Unpacking "Office Building Amenities": Definitions, Present Situation, and Market Impacts

As the role of workplaces evolves, office amenities have become an important tool for differentiation and value creation in existing office assets. However, the concept of "office amenities" remains poorly defined, and empirical evidence on their impact is fragmented.

This award-winning research establishes a clear definition and classification framework for office amenities, categorises 24 amenity types, and empirically analyses their impact on rent and vacancy rates in the Tokyo office market. Using Propensity Score Matching and Staggered Difference-in-Differences across 421 buildings, the study finds that firm-oriented amenities (such as security gates) positively influence both rent and vacancy rates, while employee-oriented amenities (such as lounges and green spaces) raise rent but have limited effect on vacancy. A causal analysis of lounge retrofits reveals a significant decline in vacancy rates beginning two years after installation, providing evidence that amenities can promote the long-term utilisation of office building stock and enhance asset value.

The research offers practical insights for investors and asset managers on which amenities create measurable market value and how retrofitting can enhance the competitiveness of ageing office stock.

The ANREV ODCE Fund Index Preliminary Report provides early performance indicators approximately 15-17 business days after quarter end, followed by the full publication nine weeks after quarter end. The Q3 2026 ANREV ODCE Preliminary Report reveals a preliminary net total return of 4.02% from the 8 Asia Pacific ODCE funds, with an estimated total NAV of USD 13.86 billion. 

The gross return report shows a 3-month total gross return of 1.82% for the period between July and September 2026.
 
The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 17 ACOE funds.

Please contact Daisy Huang and Christy Lau if you have any questions regarding the Index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 1.23% in September 2026. The ACOE includes 17 funds with a total GAV of AUD 123.20 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang, or Christy Lau if you have any questions regarding the Index.

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 our next YP Perspective, Elizabeth Low, Director, Research at JLL, explores how advanced manufacturing is reshaping Asia Pacific’s industrial real estate landscape. From evolving supply chains to the rise of semiconductors, electric vehicles and pharmaceuticals, the article looks at how changing occupier requirements are creating new considerations for the region’s industrial real estate market.