Assets under management by real estate investment firms continue to increase, even as the commercial real estate industry has faced myriad challenges amid rising interest rates and geopolitical turmoil. The managers listed on the following pages are responsible for more than $5.8 trillion of real estate assets under management on behalf of some of the largest institutions in the world. In aggregate, these real estate managers have more than $200 billion in committed but uncalled capital.
The largest real estate investment firms have seen their assets under management increase since 2023. The top 10 largest firms held more than $2.3 trillion in real estate assets under management at the end of 2025 — up from $2.2 trillion in the previous year’s survey and $2 trillion at the end of 2023. The real estate holdings of the top 50 firms are also on the rise, with the top 50 firms by real estate assets under management holding more than $4.8 trillion at the end of 2025 — up fro
