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All four indices came in below the breakeven level of 50: Market Tightness at 40, Sales Volume at 41, Equity Financing at 48 and Debt Financing at 32, signaling looser conditions and reduced deal flow to start the year.

Fannie Mae's annual multifamily outlook anticipates conditions improving in most markets through 2025, while flagging negative rent growth in high-supply metros such as Austin, Phoenix, San Antonio and Raleigh.

Freddie Mac forecasts positive but weaker multifamily growth in 2025, projecting rent growth of 2.2 percent and vacancy rising to 6.2 percent, with origination volume expected at 370 to 380 billion dollars.

The first quarter 2025 European outlook reviews growth, inflation and monetary policy across the region and their implications for commercial real estate. The report assesses sector fundamentals as European markets stabilize.

Hines examines global living sector trends across rental residential, student housing and other beds-focused strategies. The report frames demographic and supply dynamics supporting the living sectors in 2025.

Capital Economics expects further capital value declines across all US sectors during the year, with valuations looking stretched and forecasts running below the PREA and ULI consensus.

The year-end sentiment survey found optimism returning to commercial real estate, with the Real Estate Market Index moving into recovery territory. Respondents projected further improvement in market conditions over the following 12 months.

The C-Suite Outlook compiles the perspectives of senior real estate executives on conditions and strategy for the year ahead. It draws on a respondent base where 82 percent are C-suite or senior executives averaging roughly 25 years of industry tenure.

The 2025 global outlook comprises in-depth research articulating distinct investment views across the United States, Europe, Asia-Pacific and Mexico, as well as the private real estate credit markets globally.

Savills forecasts an average total return of 7.4 percent for UK real estate in its 2025 cross-sector outlook, up from 6.8 percent for 2024. Twelve UK property sub-sectors are projected to deliver annualised returns above 8 percent between 2025 and 2029.

The explainer details how Apartment List derives a daily and monthly vacancy rate from listed units across its platform. The national vacancy index reached 6.9 percent in January 2025, the highest level since tracking began in 2017.

Northmarq's 2025 national multifamily outlook reports a combination of optimism and uncertainty, with stronger than forecast conditions and robust renter demand stabilizing the sector, alongside an anticipated slowdown in new construction.

Marcus and Millichap's 2025 multifamily forecast projects supply and demand to re-align for the first time in four years. Rent growth was expected to remain tepid through much of 2025 with momentum building later in the year, supported by average rents remaining well below typical mortgage payments.

abrdn judges that most global real estate price corrections have concluded entering 2025, with returns driven by income and net operating income growth rather than yield compression. The firm is most positive on multifamily, expecting excess supply to be absorbed by mid-2025.

AEW's first quarter 2025 perspective assesses U.S. property fundamentals and pricing as the market entered a recovery phase. The report tracks institutional investor return expectations across the major sectors amid still-elevated interest rates.

Principal viewed real estate values as largely adjusted for the cycle, with debt among its highest conviction strategies and structurally-driven sectors such as data centers, logistics and residential well positioned for 2025.

BGO argues the first quarter 2025 U.S. commercial real estate market is stronger than widely perceived, with stable fundamentals and emerging investment opportunities. Industrial and multifamily are flagged as the most promising sectors.

abrdn forecasts an annualised 8.4 percent total return for UK real estate over three years, led by the industrial and retail sectors. The outlook expects sector returns to converge, shifting outperformance toward asset selection.

Apartment List introduced a Time On Market index measuring how long listed units take to lease, complementing its rent estimates and vacancy index. Units were taking roughly 30 days to lease in recent readings as elevated supply kept the market soft.
M&G Real Estate identifies four themes for 2025, including structurally undersupplied sectors positioned for strongest growth and a return to growth in Asia-Pacific. The firm expects the United Kingdom to lead the global recovery.

Berkadia's national forecast projected unit absorption to outpace deliveries in 2025, with vacancy rates having decreased in Q3 2024 for the first time in three years.

TPG Real Estate co-heads discuss the rising differentiation between individual real estate sectors and geographies, and how thematic conviction guides their investment selection.
Julie Solomon, Head of Real Estate at Ares, discusses how a dramatic repricing of high-quality assets has created an attractive entry point. She notes slowing construction is reducing supply, which she expects to drive further rent growth.

Hines research explores why favorable US demographics are providing structural tailwinds for the single-family rental sector.

Morgan Stanley sees 2026 as an inflection point for real estate, with lower rates, constrained supply and improving capital markets supporting a recovery in valuations and transaction activity.