The industry's own research.
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The outlook notes 2025 office originations were the highest since the Great Recession even as office delinquencies stayed elevated, creating a bifurcated environment. Morningstar DBRS maintains a stable view on hotel, retail and multifamily sectors despite asset- and market-specific stress.

Clarion Partners sizes the U.S. commercial real estate investable universe across property types and strategies. The report quantifies the opportunity set available to institutional investors.

Horwath HTL reports Bali international arrivals reached 6.95 million in 2025, up 10 percent year on year and a new all-time high, with regulatory shifts expected to accelerate demand for professionally managed branded residences.

Trepp reports the CMBS delinquency rate rose 4 basis points to 7.30 percent in December 2025, with lodging up 44 basis points to 6.61 percent and office retreating 37 basis points to 11.31 percent.

The GREFI All Funds Index, produced with INREV and NCREIF, was positive for the fifth consecutive quarter in Q3 2025 with a total return of 0.89 percent, down 13 basis points from 1.02 percent in Q2 2025. All regions recorded positive returns, with Asia Pacific leading, and core funds outperformed non-core peers.

Brookfield's annual investment outlook argues that 2025 was the year the real estate market reopened and 2026 will reward tactical investors as liquidity rebounds, with focus areas spanning housing, logistics, data centers and hospitality across the equity and credit portions of the capital stack.

HVS reviewed global lodging performance heading into 2026, noting resilient average daily rate and revenue per available room metrics alongside a survey in which 65 percent of top U.S. brokers expected improved deal conditions in the first half of 2026.

Hines' flagship annual outlook argues global real estate stabilizes and enters a new growth cycle, offering institutional investors strategic analysis of cross-sector and cross-market opportunities for 2026.

The total U.S. pipeline stands at 6,205 projects and 728,416 rooms at the third quarter close, holding steady by projects and up 1 percent by rooms year over year, with extended-stay hotels comprising 40 percent of total projects.

The third quarter 2025 NPI press release reports continued stability in institutional returns across the major property types, with income returns holding steady.

Conducted in August 2025 and published in the September 2025 Summit Journal, the H2 2025 survey reports global investor sentiment and predictions for US commercial real estate.

The total Asia Pacific excluding China pipeline reached record highs of 2,262 projects and 434,593 rooms at the third quarter close, up 9 percent by projects and 6 percent by rooms year over year.

Europe's total pipeline stands at 1,666 projects and 245,705 rooms at the third quarter close, with the upper upscale chain scale reaching record highs of 287 projects and 45,885 rooms.

The report records 12 million sq ft of net absorption in the US and 5.4 million sq ft in Canada in the third quarter. It describes a landscape pausing as tariffs, legal uncertainty, high costs and AI considerations produced mixed results across property types.
The monthly report notes elevated borrowing costs continued to challenge commercial real estate in September, with performance varying across sectors.

The NPI posted its fourth consecutive quarter of positive returns in the second quarter of 2025, confirming a sustained recovery in institutional property performance.

The summer 2025 update assessed UK commercial and residential investment activity, covering national investment, the hotel market, build to rent and auction performance.

HVS London and HVS Hodges Ward Elliott reviewed first-half European hotel investment activity, tracking transaction volumes and the most liquid single-asset markets across the region.
The monthly report reviews U.S. commercial real estate sector performance and the impact of macroeconomic conditions on demand.

The NPI reported that institutional property returns continued to improve in the first quarter of 2025, extending the recovery in private real estate performance.

The Q2 2025 outlook tracks a recovery led by the UK, Europe and the US, with APAC lagging. abrdn highlights structurally supported sectors and improving rental growth as the basis for total returns.

Brookfield highlights a recovering real estate market with improving fundamentals and rising transaction activity, identifying housing, data centers, hospitality and logistics as the most attractive sectors where supply constraints meet sustained demand and operational improvements drive returns.

Green Street issued its 2025 U.S. sector outlooks with detailed market forecasts. The reports project performance across the major commercial property types for the year ahead.

The survey reported a median hotel development cost of 219,000 dollars per room across surveyed properties, with luxury hotels exceeding 1,057,000 dollars per room, reflecting stabilizing construction costs.

TPG Real Estate co-heads discuss the rising differentiation between individual real estate sectors and geographies, and how thematic conviction guides their investment selection.