mckinsey -房地产业开辟全新发展格局 Real estate builds on new terrain Global Private Markets Report 2026

March2026

Mcsey

&company

GlobalPrivateMarketsReport2026

Realestatebuildsonnewterrain

Realestatemovedfromstabilizationtoselectiveaccelerationin2025—butthemostprofoundchangeshaveonlyjustbegun.

ThisarticleisacollaborativeeffortbyAdityaSanghvi,AlexWolkomir,BenDimson,TrippNorton,andVaibhavGujral,representingviewsfromMcKinsey’sRealEstatePractice.

1RealCapitalAnalytics,MSCI,accessedJanuary31,2026.

Realestatebuildsonnewterrain2

With2025intherearviewandtheyearaheadcomingintosharperfocus,therealestateindustryisshowingsignsofselectiveaccelerationratherthanbroadnormalization.Capitalismoving

again,butmomentumisconcentratedinspecificsectorsandstrategies.Overallinvestmentanddealactivityremainwellbelowhistoricalhighs.Therelikelywon’tbeareturntoprior-cycle

exuberance,atleastinthenearterm.

Whenwillrealestategetbacktonormal?

Thequestionmissesthepoint.Foundationsoftherealestateindustryareshifting,andtheoldnormalisnotreturning;instead,theindustryisevolving.Whilefallingcapratesandrising

valuationsdrovereturnsinthelastcycle,thattailwindisfading.Theprevailingcycleisdefinedbystrongexecution,capitalstructurediscipline,andplatformscale.Thesedynamicscreate

significantopportunities—andnewchallenges—forvaluecreation.Acrossprivateandpubliccapital,generalpartners(GPs),limitedpartners(LPs),andoperatorsalikeareconfronting

anewterrain.

Alookat2025:Whatthemetricsshow

Globalrealestatedealvaluereached$873billionin2025,upabout12percentyearoveryear,

evenastransactioncountremainedbroadlyflat(Exhibit1)1Thevalueincreaseprimarilyreflectedlargeraverageticketsizesratherthanabroad-basedsurgeinactivity,whichsuggests,inturn,

thatcapitalisconcentratingonmoretargetedopportunities.Specialtyproperty(suchasdatacenters,seniorandstudenthousing,andflexindustrial)hasbeengainingshareeachyearsince

2023.In2025,thattrendcontinued:Specialtypropertyaccountedfor14percentofthe2025totaldealvolume.Withinthisshift,datacenterdealvolumessurged37percent,makingthe

sectoroneofthefastest-growingsegmentsglobally.Additionally,intraditionalrealestate,officedealvolumejumpedapproximately17percentyearoveryear,drivenbya“flighttoquality”in

Aftersharpdrawdownsin2023andanunevenrecoveryin

2024,returnsturnedmodestlypositivein2025acrossmost

realestatestrategies.

Realestatebuildsonnewterrain3

ClassAassets(wheredealvolumesgrew34percentyearoveryearintheUnitedStates).Lower-qualitysegmentscontinuetofacedistressamidconcernsaboutstructuralobsolescence(suchasoutdatedlayoutsorweakeramenities)anddifficultyinconversiontoalternateuses.

Private-marketvolumesarestillbelowprior-cyclelevels,aspublicandprivatevaluationsremaindiverged.Publicmarketsrepricedmorerapidly—today,listedrealestateoperatesatimpliedcapratesthatareabout130basispoints(bps)higherthanprivate-marketappraisals(downfrom

anapproximate240basispointdifferencein2023)2Whiletheprivate–publicgaphasnarrowedmeaningfully,privatevaluationsremainlessconservativethanpublicpricing.Alignmentisstill

Exhibit1

Globalrealestatedealvolumeshowedsignsofselectiveacceleration.

2024–25growth,%

Globalrealestatedealvolume,$billion2016–25

CAGR,%

Total

0.4

11.7

Seniorhousing1

4.0

71.5

Datacenter

17.8

37.4

Hotel

–0.8

10.3

Retail

–3.4

6.2

Industrial

7.7

3.9

Ofice

–6.1

16.5

Residential

14

80

1,447

31

31

78

151

313

367

476

2021

1,104

27

84

142

178

395

267

2019

873

30

54

67

124

183

193

221

2025

966

66

159

129

364

204

2017

253

301

373

2022

663

25

51

111

155

143

162

2023

169

94

340

196

2016

171

370

234

2018

864

25

34

99

182

278

228

781

39

61

117

177

165

205

1,066

22

15

84

171

1,221

47

74

904

72

24

21

2020

2024

21

12

153

18

18

16

21

11

Note:Figuresmaynotsum,becauseofrounding.1SeniorhousingfiguresnotavailableforAsia.

Source:RealCapitalAnalytics

McKinsey&Company

2MarketCommentaryBlog,“Lingeringpublic-privaterealestatevaluationgapsignalspotentialREITbenefits,”blogentrybyEdwardF.Pierzak,Nareit,September12,2025.

Realestatebuildsonnewterrain4

inprocessandgradual,asevidencedbymoderatingappraisaluncertaintyinprivatemarkets(reflectedintransactionamountsanddealvolumes)andcontinueddiscountstonetasset

value(NAV)inpublicmarkets(atamedianof18percent)3Thesedynamicsaremoreconducivetotake-privatetransactions.

Fundraisingin2025showedearlysignsofrecoverybutremainedselective.Closed-endreal

estatefundraisingreboundedabout16percentyearoveryearto$146billion—thoughthatlevelconstitutesthesecond-lowestannualtotalofthepastdecadeandisapproximately50percentbelowprepandemicpeaks.Value-addstrategieshavedeclinedeachyearsince2022(from

$93billionthatyeartoroughly$27billionin2025),whileopportunisticstrategieshavegainedtractionasLPsseektocapitalizeonmarketdislocations(withfundraisingup65percentyear

overyearin2025).NorthAmericaandEuropereturnedtogrowth(bothup16percent)forthe

firsttimesince2022,whileAsiadeclinedforathirdconsecutiveyear(14percent)(Exhibit2).

AMcKinseysurveyfindsthatLPsentimenttowardWesternEuropeandAsia–Pacific(excludingChina)strengthenedsignificantly,withanet32percentand54percentofinvestorsplanning

toincreasetheirexposureoverthenextthreeyearstotheseregions(respectively),comparedwith28percentfortheUnitedStates.Open-endedcommitmentsintheUnitedStates

reboundedto$18billionin2025,up70percentyearoveryear—animpressivegain,butstillsignificantlybelowthehighsofjustafewyearsago($31billionin2022).

Exhibit2

AllregionsexceptAsiarecordedanincreaseinrealestatefundraisingforthefirsttimesince2022.

Globalclosed-endrealestatefundraising,byregion,1$billions

2020–25

CAGR,%

2024–25

growth,%

2023–25

growth,%

Allregions–4.8

15.8

–9.4

NorthAmerica1.9

16.1

–7.7

Europe–12.9

16.4

–13.1

Asia–20.5

–13.7

–24.8

Restofworld26.2

157.7

40.9

0

2007200920112013201520172019202120232025

300

250

200

150

100

50

1Secondariesandfundsoffundsareexcludedtoavoiddoublecountingofcapitalfundraised.2IncludesAfrica,MiddleEast,SouthAmerica,andothers.

Source:Preqin

McKinsey&Company

3ArpitaBanerjeeandRonamilPortes,“NAVMonitor:USREITscloseNovemberatlowermediandiscounttonetassetvalue,”S&PGlobalMarketIntelligence,December4,2025.

Realestatebuildsonnewterrain5

Retailfundraisingremainswellbelowcyclehighs(nontradedrealestateinvestmenttrusts

[REITs]totaled$5.7billionin2025,down6percentyearoveryearandmorethan80percentfrom2021),4butperformancehasimprovedmeaningfullyoverthepasttwoyears.TheStanger

NAVREITTotalReturnIndex,afterdeclining3.0percentin2023,rebounded1.1percentin2024;it’sexpectedtofinish2025up5.8percent,reachinganall-timehigh.Thissuggeststhateven

ifretailflowshaveyettorecoverfully,fundamentalsarestabilizing.

Aftersharpdrawdownsin2023andanunevenrecoveryin2024,returnsturnedmodestlypositivein2025acrossmostrealestatestrategies.Debtandcore-pluscategoriesledtherebound

(with4.8percentand1.5percentannualreturns,respectively),whileopportunisticstrategiesmorerecentlymovedbackintopositiveterritory(1.2percentannualreturns)(Exhibit3).

Yetreturnsremainwellbelowthepeaklevelsseenin2021—pointingtoagradual,ratherthancomplete,recovery.Thecurrentenvironmentmayfavorstrategiesthathaveastronger

incomeorientationandmorerobustdownsideprotection;higher-riskstrategiesmayrequireamoresustainedimprovementinfundamentalstogenerateoutsizereturns.Although

returnshaveimprovedrecently,cumulativethree-yearperformanceremainsnegativeacrossmuchofthedebtandcore-pluscategories(a2.6percentdeclineoverall),indicatingthat

whilethemarketmayhavestabilized,ithasnotfullyrecovered.

Exhibit3

Realestatereturnsturnedmodestlypositivein2025afterasharpcorrectionin2023—butperformanceremainswellbelow2021peaks.

Returnsfor2025areyear-to-datereturnsthroughQ3.Source:Preqin

Q320251

4.8

1.51.20

7.0

5.0

–3.6–3.4–3.5

–8.1

1

12.1

6.06.5

0.4

6.3

0.1

–1.0

Performance,bystrategy,annualreturns,%

5.4

–1.8

CoreplusValueaddedOpportunisticDebt

25.724.0

21.7

20232024

20212022

Realestate,overall

26.5

0.9

5.7

McKinsey&Company

4NinaDale,“Alternativeinvestmentgrowthhits$203.7Bin2025,”CREDaily,January29,2026.

Realestatebuildsonnewterrain6

Althoughthesharp2025maturityspikehaslargelybeenabsorbedthroughextensionsand

refinancing—withonlyabout17percentofprojected2025maturitiesactuallycomingdue—

overallrefinancingpressuresremainelevated.Approximately$2.1trillionofUScommercialrealestateloansarescheduledtomatureoverthenextthreeyears(broadlyinlinewithlastyear’s

estimate),indicatingthatthe“wallofmaturities”hasshiftedforwardratherthanmaterially

declined.Atitscore,thismaturitywavereflectsequityimpairment:Asvaluationsdeclined,manyassetspushedtowardextension,restructuring,orrecapitalizationratherthanimmediatesale.

Meanwhile,monetarypolicyeasedacrossmajoreconomiesin2025.TheFederalReservecutinterestratesby75bpsovertheyear,theBankofEnglandreduceditsBankRateby100bps,

andtheEuropeanCentralBankloweredratesbyapproximately50bps—reflectingdifferinginflationandgrowthdynamicsacrossregions

5

Atpresent,marketsappeartobepricing

inadditionalreductionsin2026,which,ifsustained,couldsupportcurrentvaluationsandencouragetransactionactivity.

Atthesametime,geopoliticalinstability,electioncycles,anddivergingregionalgrowthtrajectoriescontinuedtoelevateuncertaintyacrosscapitalmarkets

6

Ashifttowardmoreprotectionist

andsecurity-orientedpolicieshasfurthercomplicatedcross-bordercapitalflows.Againstthisbackdrop,investorshavelookedtorealestatefordurablecashflows,contractualincome

streams,andinflation-linkedcharacteristics.Atthesametime,thesector’spositioninportfoliosisshapedbyliquidity,pricing,andleverage.Whilesustainabilityhasencounteredpushback

intheUnitedStates,itremainsembeddedinEurope’sregulatoryagenda(asevidenced,for

example,byrecentrefinementstotheEuropeanUnion’sCorporateSustainabilityReportingDirective[CSRD],

7

andtheUnitedKingdom’stighteningofenergyperformancecertificate

requirements)

8

Infact,78percentofinstitutionsinEurope,theMiddleEast,andAfricareportedthatenvironmental,social,andgovernancefactorsinfluencetheirinvestmentprocess

(comparedwith13percentofUSinstitutionsand40percentglobally)

9

Capturingvalueonnewterrain:Fiveglobal,foundationaltrends

Acrosstherealestateindustry,valuecreationisshiftingfrommarketbetatooperationalalpha:

Outcomesareincreasinglydrivenbymanagerexecutionattheassetandsubassetlevels,ratherthanbyrisingvaluationsorfavorablemarketcycles.Firmsthatembedoperatingcapabilities—

and,increasingly,AIandadvancedanalytics—intocoreworkflowsarepositioningthemselvestogainshare.Leadingallocators,fortheirpart,arerethinkingplatformdesign,verticalintegration,

andcapitalformationtocompeteinamarketthatrewardsscaleandexecution(seesidebar,"Anevolvingindustry:Keyimplicationsforindustryparticipants").

5MollyGrace,“TheFedmadeitsthirdcutoftheyear.Here’swhatborrowersandsaverscanexpect,”WallStreetJournal,

December10,2025;“BankRatereducedto4.5%,”BankofEngland,February2025;“BankRatereducedto3.75%,”Bankof

England,December2025;“Monetarypolicydecisions,”EuropeanCentralBank,January30,2025;“Monetarypolicydecisions,”EuropeanCentralBank,June5,2025.

6“

GlobalEconomicsIntelligenceexecutivesummary,January2026

,”McKinsey,February24,2026;“

Geopoliticsandthe

geometryofglobaltrade:2025update

,”McKinseyGlobalInstitute,January27,2025.

7S&PGlobalResearchBlog,“NewCSRDsustainabilityreportingcoveringmorecompaniesandmoredisclosures,”blogentrybyMichaelTaschner,October31,2023.

8“ReformstotheEnergyPerformanceofBuildingsregime–partialgovernmentresponse,”UKMinistryofHousing,Communities&LocalGovernmentandDepartmentforEnergySecurity&NetZero,January21,2026.

9RealEstate2025AllocationsMonitor,HodesWeill,accessedFebruary2026.

Realestatebuildsonnewterrain7

Anevolvingindustry:Keyimplicationsforindustryparticipants

Multiple,globaltrends—includingcapitalflows,operatingmodels,technology

adoption,andassetallocation—havecriticalimplicationsforparticipantsacrossthe

realestateindustry.Mostnotably,theseincludethefollowing:

—AIistransitioningfromanefficiency

tooltoacompetitivemoat.Platforms

thatembedAIholisticallywillmove

faster,makemoreconsistentdecisions,andreduceexecutionleakage.Thegapbetweenfirmsthatredesignworkflowsandthosethatsimplylayerontools

willlikelycompoundovertime.

—Thisisnolongerabetamarket—it’sacapabilitymarket.Asconditions

becomemorecomplex,thewinnerswillbethosewhocanconsistently

extractoperationalalphaattheassetlevelthroughcleardifferentiation

(throughscale,nichespecialization,orproprietarysourcing).Broad,

undifferentiatedpositionswillbecomeincreasinglydifficulttosustain;

capitalwon’teasilyflowtothosewhomerelykeeppace.

—Operatingmodelsarebecomingmoreimportant.Firmsthattreatproperty

managementandassetoperationsasstrategiccapabilities—asopposed

tooutsourcedutilities—willhavea

significantcompetitiveadvantage.Atthesametime,capitalstructure

creativityatboththeassetandfundlevelswillbecriticaltomanaging

refinancingrisk,unlockingliquidity,andprotectingequity.

—Scaleisbecomingadifferentiated

enabler.Scaleincreasinglyunderpinscompetitiveadvantage.Larger

platformsarebetterpositionedto

investbehindstrategicpriorities,

revampoperatingmodels(forexample,byimprovingverticalizationorbetter

enablingAI),andmeetgrowinglimitedpartnerpreferenceforlarger

managerswithdemonstratedperformanceoutcomes.

—Competitionforhigh-growthsectorsisintensifying.Asinfrastructure

capitalexpandsintosectorssuchasdatacenters,logistics,andother

long-durationassets,competitionforthemostvalue-creatingrealestate

segmentswillincrease.Investorswhocanunderwriteflexiblyacrossreal

estateandinfrastructurecategorieswillbebetterpositionedtocompete.

Realestateisn’tgettingbacktonormal,atleastinthetraditionalsense.Instead,the

industryisadvancingintonewterrain.Ouranalysishighlightsfiveglobaltrendsthatwillbeincreasinglyconsequential.

AI:Acceleratingfrompilottoproduction

GenerativeAIiscatalyzingvaluecreationacrosstherealestateecosystem.AgenticAIrepresents

thenextwave,enablingamoreeffectivepartnershipbetweenhumansandautonomousAIsystems,deployinghumanjudgmentwhereitmattersmost.Leadersarenolongerasking,“Canamodel

writeapolishedparagraph?”butrather,“Cantechnologysafelytakethenextstepinaworkflow,directlyinsidethesystemsthatrunthebusiness?”Critically,thisnextstepisaboutenabling

greaterfocusonhumandecision-making(suchasweighingtrade-offs,interpretingambiguity,

andapplyingjudgmentinuncertaincontexts)asAIsurfacesinsightsandacceleratesworkflows.Already,prioritiesareshiftingfrompilotingisolatedusecasestoredesigningentiredomains,

manyofwhicharecandidatesforpeople–agentcollaboration(Exhibit4).Thepotentialvalueissignificant:AgenticAIcouldgenerateroughly$430billionto$550billioninvalueannually

acrossrealestate,construction,anddevelopmentglobally10

10Dependentonadoptiondepthandintegrationquality;analysisin2024USdollars.

Exhibit4

Realestatebuildsonnewterrain8

People,agents,androbotswillallplaysignificantrolesintheworkforceofthefuture.

Shareof2024workhoursbased

ontechnicalautomationpotential,1%Sector:Constructionandrealestate

PeopleAgentsRobots

Workhoursthatarenotautomatable

Workhoursthatareautomatable

12

35

41

13

Workhoursrequiringonlynonphysicalcapabilities

Workhoursrequiring

physicalandnonphysicalcapabilities

OverallUSeconomy

21

22

44

13

1Automationpotentialisbasedoncurrenttechnologicalcapabilitiestoperformhumanwork.Theautomationpotentialshownrefiectsthelatescenarioofexpertestimates.Intheearlyscenario,globaltechnicalautomationpotentialrangesfrom60to70%ofcurrentworkhours.

Source:CurrentPopulationSurvey,USCensusBureau;O*NET;USBureauofLaborStatistics;McKinseyGlobalInstituteanalysis

McKinsey&Company

Capturingthisvalue,however,requiresmorethanexperimentation;itdemandsstructureddata,integrationintocoreoperatingsystems,disciplinedworkflowredesign,andclearcontrols

(rules,approvals,monitoring)tomanagerisk.Withoutthesefoundations,AIwillremaininthepilotphase.Withthem,itcanbecomeameaningfulperformancelever.

Fourdomainsofferparticularlyhigh-impactpointsforredesign:

Maintenanceandfacilities:Fromídispatch’toídoneautomatically.’Maintenanceoperationscanberedesignedaroundend-to-endincidentworkflowsratherthanfragmentedhandoffs,enablingagenticsystemstotriagerequests,routecrews,manageupdates,andautomaticallydocumentactions.Theopportunityisnottobuildone“maintenanceagent”butinsteadtorewirethefull

end-to-endprocess(acrossdetection,triage,access,dispatching,andbeyond).Byhandlingroutinecoordinationandescalatingonlywhenneeded,AIcanreducepreventabledelaysand

inconsistencies.Theshiftwouldfreemaintenancestafftofocusonsolvingproblemson-site—automatingstepsaggressivelywhileprotectinghumanjudgmentatcriticalmoments.

Realestatebuildsonnewterrain9

Realestateisn’tgettingbacktonormal,atleastinthetraditionalsense.Instead,theindustryis

advancingintonewterrain.

Leasingandrenewals:Service,speed,andcompliance.AgenticAIcanreducethefriction

inleasingandrenewalsthatistypicallyassociatedwithhigh-volumecoordinationtasks(such

asrespondingtoinquiries,schedulingtours,managingdocumentation,andsupporting

applications)whilemaintainingconsistenttone,transparency,andcomplianceguardrails.Ratherthanlayeringchatbotsontoexistingprocesses,domainredesignembedsagentsdirectlyinto

customerrelationshipmanagementandpropertymanagementsystems,enablingseamlessroutinecoordination.Byembeddingescalationrulesandaudittrails,next-generationsystemscan

improveresponsivenessanddocumentationwithoutsacrificinghumanjudgment—whereempathyanddiscretionmattermost.

Assetmanagementandinvesting:Fastercyclesandclearerjudgment.Assetmanagement

workflowsoftensufferfrommanualdatagathering,fragmentedsystems,andrepetitivereporting.AgenticAIshouldaddressthosedeficiencies:Itcancentralizeandstructureleaseandperformancedata,automaterecurringanalysesandmaterials,andsurfaceearlywarningsignals,reducing

delaysindecision-making.Thegoal,infact,isnottoreplacejudgment,buttoremovefrictionaroundjudgment:assemblingcontext,draftingmaterialswithsourcing,loggingoutcomes,andcreating

atraceableaudittrail.Theresultwillbefaster,moreconsistent,andmoredefensibleinvestmentprocesses,withhumansspendinglesstimeonlow-value,roteworkandmoretimeonjudgment-intensivedecisionssuchascapitalallocationandportfoliostrategy.

Constructionandcapitalexpenditures:Controllingcomplexity.Constructionandcapital

expenditureprocessesarecharacterizedbyextensivedocumentation,sequencing,and

changemanagement,makingthemwell-suitedtoworkflowautomation.Agenticsystemscanorganizeprojectdocuments,managerequestsforinformationandpermittingworkflows,

monitorschedulerisks,andflagcostoverrunsorchangeordersthatrequirehumanreview.

Atscale,AI-enabledoperatingmodelsfavorlargerplatforms.Firmswithgreatercapital,richer

datasets,andtightercontroloverend-to-endworkflowscaninvestmoreconsequentially,

embedtoolsacrossfunctions,andgeneratecompoundinglearningadvantagesovertime.WhiletheAIopportunityexistsacrossregions,inEurope,stricterregulatoryregimesfocusedon

consumerprotection(suchastheGeneralDataProtectionRegulationandtheEUAIAct)couldincreaseimplementationcostsandgovernancerequirements,especiallyforpricingandleasing.Moreverticallyintegratedplatforms,whichcontrolcorefunctionsin-house,arepositionedto

capturegreaterAIbenefitsgivenincreasedoversightoverworkflowsanddata.Inthenearterm,earlymoverscanachievedifferentiationthroughexecution;overthelongerterm,AIcapabilities

willlikelybecometablestakes.Thosedynamicswillshifttheadvantagetothosewhoowntheworkflows,controldatatraces,andcontinuouslyrefinetheiroperatingmodels.

Realestatebuildsonnewterrain10

Notably,AIalsointroducesrisksthatextendbeyondexecution.Astechnologyreshapeshow

economicactivityisconducted,servicesaredelivered,andspaceisused,itmayalterunderlyingassetfundamentals.Forexample,officesleasedtocallcentersorconsolidatedfront-,middle-,

andback-officefunctionsmayfacegreaterexposure.Asaresult,AIcouldshiftusepatterns,tenantdemand,andlong-termassetrelevanceinwaysthatarestillunfolding.(Foradeeper

explorationoftheimplicationsofAIinrealestate,see“

HowagenticAIcanreshaperealestate’s

operatingmodel

.”)

Investment:Shiftingfrommarketselectiontoassetselection(andoperationalexecution)Broadexposureonitsownisbecominglesssufficienttodriverealestateperformance.Asset

selectionaccountedforapproximately70percentofperformancedifferentialsin2025(relativetocountry-specificbenchmarks),materiallyoutweighingtheeffectofcountry-orproperty-typeallocationdecisions11Thismarksameaningfulincreasefrom2020to2022,whenasset

selectionaccountedforlessthan50percentofreturndispersion,andreflectswidening

dispersionwithinsectors,wherechoosingtherightsubmarkets,tenantprofiles,andcapital

structurescanmatterasmuch,ifnotmore,thanbroadasset-classexposure.In2025,capital

increasinglyflowednottowardentirepropertycategoriesbuttowardmorespecific

subcategories.Asadispersioninoutcomeswithinassetclasseshaswidened,playersaremorefrequentlyadoptingnichepositioningtodifferentiatebeyondbroadmarketexposure,

particularlyascapitalhasconcentratedinselecthigh-growththemeswheredemand

momentumisstrongbutreturnoutcomesmayvarymeaningfullydependingonentrypricing,capitalintensity,andexecution.

Datacentersillustratethisshift.Duetotheuptickindemandfortheassetclassinrecentyears,

power-constrained,top-tierhubsarebecomingincreasinglyconsolidated,pushingincrementaldevelopmentandleasingintopower-rich,next-tiermarkets.IntheUnitedStates,nearlyeight

gigawattsofleasingin2025occurredinnext-tierlocationsashyperscaleandAIdemandchasedavailablepowerratherthantraditionalcoremarkets.AsimilardynamicisemerginginEurope,

wheredemandisshiftingfromconstrainedtier-onehubs(suchasAmsterdam,Frankfurt,London,andParis)tonext-tiermarketssuchasIcelandandSines,Portugal,wherepoweravailabilityand

costaremorefavorable12Atthesametime,financialstructuresareevolving:Datacenter–relateddebtissuancesurpassed$17billionin2025,withcryptocurrencyminersraisingmorethan

Inthenearterm,earlymovers

canachievediferentiationthroughexecution;overthelongerterm,

AIcapabilitieswilllikelybecometablestakes.

11NielHarmse,“Real-estateassetselectiondroveperformance,”MSCI,July25,2025.

12“Datacenters&theAIsurge:Isthebeststillahead?,”GreenStreetwebinar,February5,2026.

Realestatebuildsonnewterrain11

$10billioninsecuredandconvertibledebtwithinsixmonths.Theinvestmentthesis,therefore,isnolongersimplyexposuretodatacenters(andcapitalizationofdemand),butadvantages

inpoweraccess,tenantmix,capitalstructure,andgeographicpositioningthatcansupportdurablereturns.

Asimilardynamicisvisibleintheofficecategory,whereaclearflighttoqualitycontinuestodrivetherecoveryamidvacancypressuresacrossmuchofthesector.Overall,USofficedealvolume

rosemorethan25percentyearoveryearin2025.Buttherecoveryhasbeenhighlyselective.Activitywasconcentratedinhigher-quality,well-locatedassets,asClassAdealvolume

increased34percentyearoveryearintheUnitedStates,reflectingapreferenceforassets

perceivedasmoreresilientinastructurallyevolvingdemandenvironment(Exhibit5).As

performanceremainshighlyasset-specific,leadingoccupiersareredesigningtheworkplacetosupportcollaborationandhybridwork,withsomeexpertsprojectingtheshareofspace

dedicatedtocollaborationinClassAofficestoincreasebymorethan20percentby203013Increasingly,companiesareoptimizingandreallocatingspace—introducingmodularfloor

plans,reducingfixeddesksandstand-aloneoffices,andinvestingintechenablementand

Exhibit5

ClassAo代cetransactionvolumeshavegrownthefastestoverthepasttwoyears,bymorethan30percenteachyear.

2016–25volume

CAGR,%

2024–25

volume

CAGR,%

ClassA

–8.8

33.5

ClassB

–3.8

23.7

ClassC1

1.6

18.1

USannualdealvolumegrowth,%80

60

40

20

0

–20

–40

–60

2015201620172018201920202021202220232024

131122