For more than thirty years, AFIRE has conducted a semi-annual survey of its members to gauge their sentiment around economic, demographic, and other commercial real estate trends in the US.
With AFIRE members now representing more than $4 trillion in global real estate assets, managed and owned across 180 organizations from more than two dozen countries, this survey has likewise served as a useful barometer of institutional investor sentiment over time. Especially because the real estate “point of view” is not immediately tied to contemporaneity, but instead balances the realities of current events and trends alongside longer-term theses for suitable returns.
And since the founding of AFIRE in the late 1980s, the world has operated a seemingly predictable and mostly stable global economic order, such that sentiments expressed over any multi-year period over the past three decades were originating from a consistent economic and political context.
This H2 2025 survey, conducted in August 2025 and published in the September 2025 issue of Summit Journal, covers sentiment organized around this context—and predictions about how it will continue to evolve.
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PERMISSIONS
All information contained in this report is the intellectual property of AFIRE. No sale or sub-licensing of the data is permitted; nor shall any data be altered or overwritten in this report.
ABOUT THE COVER
Photo by Benjamin van Loon. November 2024.
DATA USE AND REPRINTS
Reprints and/or redesigns are permitted, with the following source attribution in all instances: “Source: As of April 2025; 2025AFIRE International Investor Survey 2025 Pulse; www.afire.org.”
Please contact Benjamin van Loon, bvanloon@afire.org, for hi-res graphics, data sets, reprints, and other uses.
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Note from the Editor: Issue #19
Mid-Year Pulse: Global Investors on the Economy, Energy, and Housing
Benjamin van Loon | AFIRE
Bend, Not Break: Investing in Real Estate Amid Economic Uncertainty
John Murray + François Trausch + Russell Gannaway + Kirill Zavodov | PIMCO
Test Of Time: How US Real Estate Withstands an Uncertain Investment Market
Riaz Cassum | JLL
Oh Canada: Why International Investors Might Want a Second Look at Canadian Real Estate Markets
Amy Erixon + Long Tang + Daniel Goldberg + Marie-France Benoit | Avison Young
Beyond Oil: Why Gulf Family Offices Are Doubling Down on US Logistics, Data, and Housing
Abbas Hashmi | Saudi Family Holdings
South of the Border: Higher Yields and Growth in Mexican Industrial
Shaun Libou | Raymond James
Migration Myth: NIMBYism and Why Coastal Movers Aren’t Affecting Sunbelt Housing Supply
Donal Warde | Consultant + Ron Bekkerman | Constellation Data Labs
Machine Center: The AI-Driven Transformation of Data Center Investment
Sam Chandan | Chen Institute for Global Real Estate, NYU Stern School of Business
AI in Commercial Real Estate: A Practical Guide for Industry Leaders
Armel Traore Dit Nignan + Shaarvani Kavula | Principal Real Estate
Artificial Control: Are You Ready for AI Management and Oversight?
Marie-Noelle Brisson + Michael Savoie | CyberReady, LLC
Capitalizing on Dynamics: Demographic Mega-Trends Impacting CRE
Stewart Rubin | New York Life Real Estate Investors
Mid-Cap Assets: An Under-Examined Segment in CRE
Asaf Rosenheim | Profimex
The Lifestyle Renter: A Growing Opportunity for Strategic Investment in High-Quality Apartment Communities
Hannah Waldman | The Dermot Company
The Climate Is Speaking: CRE Underwriting for a Future That’s Listening
Ines Diez + Thomas Stanchak | Stoneweg
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