1、2026 REAL ESTATE OUTLOOKNavigating the real estate resurgenceOPINION PIECE.PLEASE SEE IMPORTANT DISCLOSURES IN THE ENDNOTES.NOT FDIC INSURED|NO BANK GUARANTEE|MAY LOSE VALUEcvr2 OPINION PIECE.PLEASE SEE IMPORTANT DISCLOSURES IN THE ENDNOTES.The painful reset of private real estate seems to be in the
2、 rearview mirror,and we expect 2026 to be a good vintage for real estate investment.Values have stabilized,total returns are positive in most markets and limited new construction activity bodes well for medium-term fundamentals.Shifts in geopolitics,trade,monetary and fiscal policy around the globe
3、may create headwinds and tailwinds for various sectors and geographies,but the megatrends that underpin our investments will play out over decades.1OPINION PIECE.PLEASE SEE IMPORTANT DISCLOSURES IN THE ENDNOTES.Real estate turned the corner in 2025,and we expect the recovery to continue building mom
4、entum in 2026.An upswing in values,a falloff in new supply(which bodes well for fundamentals)and increasing deal velocity are all contributing to a brighter year ahead.Global real estate values have been consistently nudging higher since the end of 2024,after having reset 16.2%from peak to trough1,a
5、nd total returns have been positive for even longer thanks to the consistent income real estate produces(Figure 1).Those positive total returns have been exceptionally broad-basedall 21 countries in the MSCI Global Quarterly Property Index generated positive total returns in each available quarter o
6、f 2025 data(Figure 2).Over the course of 2025,real estate transaction volumes began to rebound in each region.Through the third quarter,rolling annual transaction volume was up 16%in Asia Pacific,19%in Europe,and 21%in the U.S.For the first time since 2022,institutional investors in each global regi
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