TACTICAL
OPPORTUNITIES
STRUCTURAL
TRENDS
Download Report
2025 GLOBAL OUTLOOK
Undervalued REITs
Medical office
CBD office
Discount formats
High street / luxury
Open-air accomodation
Hotels
Public markets
Office
Retail
Hospitality
Cyclical / Recovery
Asia Pacific
Europe
Mexico
United States
Real Estate Approach
Rating
TACTICAL OPPORTUNITIES
Manufactured-related
Trade-driven
Big box / supply chain
Development finance
Subordinated
Senior / whole loan
Hyperscale
Colocation
Self storage
Urban / infill logistics
Senior housing
Student / co-living
Single family rentals
Apartment / multifamily
Related urban infrastructure
Operational
Traditional
KEY TO RATINGS
Credit
Data Centers
Living
Asia Pacific
Europe
Mexico
Real Estate Approach
Rating
STRUCTURAL TRENDS
Logistics
Most resilient to uncertain market conditions.
More caution and selective approach
needed while uncertainty is elevated.
Market uncertainty causing significant
headwinds that affect execution.
There are big differences in forecasts both between and within regions, linked to market dynamics, economic outlooks, vacancy and demand differences.
THE OUTLOOK VARIES BY GEOGRAPHY
3
Returns are becoming more income and income growth driven, while the rise of operational real estate sectors and evolving lender composition continues.
INVESTORS NEED TO ADAPT
2
Against an uncertain backdrop, global real estate markets offer resilience and income growth potential supported by low supply, at an attractive entry point.
THE TIME IS STILL NOW
1
United States