While the COVID-19 pandemic put the brakes on a decade-long global economic expansion, and real estate transaction and fundraising activity slowed in 2020, most real estate investment managers still reported impressive growth, as reflected in the findings of Global Investment Managers 2021, the results of the annual survey sponsored by Property Funds Research and Institutional Real Estate, Inc.

The global real estate industry continues to reach new heights post–global financial crisis. During the past decade, the asset class has gained in popularity across the globe, delivering steady income and solid returns in the ongoing low-interest rate environment. Investment managers have benefitted from a strong flow of new capital and impressive asset appreciation. In fact, during the past 10 years, total asset under management has more than tripled. This year’s survey, which captured 2020 figures from 212 investment managers, pegged total AUM at $4.65 trillion (€4.01