Since the global financial crisis, the real estate asset class and investment managers have prospered amid asset inflation. The past decade marked the longest economic expansion on record and 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.

However, the winds have shifted in 2020, 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 real estate largest investment managers increased by 9.1 percent, totaling more than $3.83 tril