2025年上半年全球房地产报告

Contents OverviewA word from CliftonLarsonAllen PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Daniel Cook, CFAGlobal Head of Quantitative Research andMarket Intelligence Zane Carmean, CFA, CAIADirector of Quantitative Research Institutional Research Group Analysis Juan Mier, CFALead Research Analyst, Fund Strategies &Sustainable Investing Anikka VillegasSenior Research Analyst, Fund Strategies &Sustainable Investing Data Sara GoodData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byAdriana Hansen Published on September 25, 2025Clickherefor PitchBook’s report methodologies. Clickherefor PitchBook’s private market glossary This report encompasses real estate debt funds. OtherPitchBook reports incorporate real estate debt into the private With our deep technical knowledge of real estate,CLA provides insight and guidance on every phaseof the investment life cycle. We can help you quickly ©2025 CliftonLarsonAllen LLP. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com disclaimer.Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. Overview Since 2023, real estate strategies have struggled in termsof both fundraising and performance. There are signs of animproved outlook, but a true recovery is contingent uponthe interest rate environment and its effect on the broadereconomy. Interest rates play a central role in the valuationof any financial asset, but for real estate, rate sensitivity canbe especially acute. Capitalization rates (cap rates) used invaluations can change with rising interest rates. Meanwhile, There is a noticeable sector rotation over these two periods,and notably, overall REIT performance has recovered mostof the losses experienced while rates were climbing. Theoffice sector was hard-hit by the surge in interest rates andaftershocks from the pandemic but has recovered someground, rising by double digits in the post-interest-rate-shock period. Healthcare was the top-performing REIT sectorfrom July 2023 to July 2025, easily offsetting all losses from Today, interest rates are elevated in most developed markets,especially if we consider the relentless downward trend inrates during the post-global-financial-crisis (GFC) period. Thefed funds rate, the US 10-year Treasury yield, and 30-year fixed mortgage rates are the highest since before the GFCin the mid-2000s. In Europe, German 10-year governmentbond yields hover around 2.6% after being below 1% and evennegative at times since 2015; 30-year yields are about 3.2%.1 Due to the lag in reporting private real estate fundperformance, it can be helpful to analyze public REIT returns,which provide insight into how various sectors are reacting Despite mixed data points on the macroeconomic front, theoutlook for private real estate is cautiously optimistic. TheGreen Street Commercial Property Return Index (CPRI) for over this period is not solely driven by income, as the pricereturn has been positive as well, which signals favorablemomentum in property prices. The European CommercialProperty Price Index (CPPI), also from Green Street, has heldsteady in the past year, withstanding volatile capital markets. This gradual normalization aligns with some recent earningscalls commentary from listed asset managers: Blackstonereiterated that it “called the bottom” 18 months ago but wasnot expecting a V-shaped recovery.4In addition, lending Real estate fundraising has been challenging due tomacroeconomic headwinds, performance challenges, andallocator caution. Capital raised in 2023 and 2024 fell by26.9% and 30.7% YoY, respectively. Fundraising timelines The path forward for private real estate hinges largely onthe path of interest rates. While central banks began to cutpolicy rates in 2024 and the Federal Reserve went for a ratecut in September 2025 after a lengthy pause, we also need tosee market-driven yields fall to get more constructive on real Positioning for family office capital As family offices become more selective in their allocations,what matters more than a compelling deal is strategic Carey HeymanManaging Principal Carey is a managing principal in CLA’s realestate industry with 20 years of experienceproviding specialized services to owners, The structuring is paramount •A professionally managed fund brings institutional-gradegovernance to the table, including a team that understandsfund structure and documents, accurately executes capital CLA’s real estate team serves more than 30,000 clients across various property types and asset classes. Theteam delivers strategic insights to support acquisitions, improve Leverage enhanced investment incentives •Investors now prioritize strategies rooted in marketfundamentals—like location, asset quality, and sponsorexperience—with tax benefits like bonus depreciation and Reinstatement