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2025 Global Public Real Estate Outlook Report

Our 2025 Global Public Real Estate Outlook Report is now available.

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In last year's outlook report, we anticipated that REITs were on the verge of takeoff in 2024. By summer, REITs hit the inflection point we were anticipating, and investor sentiment improved significantly towards the asset class. However, more cautious commentary during the Federal Reserve's December meeting around future rate cuts led to a sharp market pullback in the final weeks of 2024. Despite this, global REITs ended the year with a mid-single-digit positive return. 

As we turn our attention to 2025, this year's Global Outlook Report builds on the momentum seen over the past year, encapsulating our overarching theme-navigating the dynamic REIT landscape with expertise-and serving as your compass for the journey ahead. We believe REITs still offer ample runway in the coming year, supported by robust fundamentals, and continued discounted valuations. 

In 2025, we believe the challenge lies in navigating through an increasingly complex macroeconomic environment. As active managers, we recognize the responsibility entrusted to us to steer capital effectively in uncertain times. Our approach is grounded in delivering tangible value by identifying and capitalizing on secular trends that transcend short-term market volatility to drive sustainable outperformance. In this report, we share our perspectives on the sectors and regions we believe are best positioned to drive growth and outperformance for our investors, including: 

- Data Centers
- Senior Housing in North America
- Hotels in Japan
- Commercial Real Estate Brokers
- Australian and German Residential

To our partners and clients, we remain profoundly grateful for your trust. Together, we will continue navigating the dynamic REIT landscape with expertise, staying true to our active approach, and working relentlessly to achieve our shared investment objectives in 2025. 

Corrado Russo, CFA, MBA -  Managing Partner, Chief Investment Officer
Claudia Reich Floyd, MBA - Managing Partner, Portfolio Manager
Dario Maric - Associate, Investor Relations & Account Management
Darren Murray, CFA, CAIA - Partner, Client Portfolio Management
Sam Sahn, MBA -  Managing Partner, Portfolio Manager