Over the past decade, the real estate asset class and investment managers have prospered during the post–global financial crisis asset inflation. This period of time has been the longest economic expansion on record and has produced strong equity markets and capital flows, as well as asset appreciation. Real estate enjoyed popularity among investors due to its relatively higher yields and income-producing character in the recent low interest-rate environment.

The winds have shifted in 2020, however, with economies around the globe suffering from the economic consequences of the COVID-19 pandemic. Uncertainty in the financial markets has put many investment decisions on hold and property types have been affected to varying degrees. The storyline for 2020 is still being shaped, but it is clear: The long bull market of the past decade is now history.

But, looking back to 2019, the aggregate AUM of the top 100 largest real estate investment managers increased by 9.1 perc