Real Estate in 2026

Real estate fundraising appears more positive in 2025, led by strong interest in debt-focused and opportunistic funds

• For the first time since 2021 real estate capital raised is on track to increase year on year, powered by the largest funds and a renewed focus on debt strategies

• As of the third quarter of 2025, Europe-focused funds raised more capital than in all of 2024, indicating strengthening investor confidence in the region

• North America’s share of global real estate deal value increased in the first three quarters of 2025, driven by accelerated deal activity and interest rate cut expectations

• Average management fees for real estate funds have reached near-record lows in 2025, with median rates dropping to 1.00% amid increased market pressure and investor scrutiny