2026 Real Estate Outlook

Navigating the real estate resurgence

The painful reset of private real estate seems to be in the 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 may create headwinds and tailwinds for various sectors and geographies, but in our opinion, the megatrends that underpin our investments may play out over decades.