The real estate investment management industry represents several trillion dollars in assets under management globally, according to the IRE.IQ Real Estate Managers Guide, released May 29, 2025. The managers listed in the report are responsible for more than $5.1 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 $218 billion in committed but uncalled capital, and we estimate that the dry powder for institutional real estate was $273 billion as of April 2025.
Assets under management by the largest real estate investment firms have increased since 2023. The top 10 largest firms held nearly $2.2 trillion in real estate assets under management at the end of 2024, up from $2 trillion in the previous year’s survey, and the top 50 largest firms hold more than $4.4 trillion, up from $4.1 trillion.
Regionally, the greatest portion of institutional real estate asse
