Research Reports

Find the latest industry reports including reports that have been authored by IREI or by many well-known industry firms.


2Q_24 U.S. Economic Outlook

Courtesy of BGO

One quarter of the way through 2024, the US economy has performed largely as we expected. Economic growth has slowed from 2023’s outsized, unsustainable pace, but remains healthy. Consumption’s strong run continues. Private investment rebounded from a slow fourth quarter. Fiscal policy remains active, if not excessively stimulative. Inflation is decelerating, though slowly. And interest rates remain elevated. More broadly, we see an economy that is normalizing after some wild swings up and down over the last four years, not one that is simply slowing. As we move further away from the exogenous shock of the pandemic, those reverberations have lessened, and the economy is increasingly operating closer to pre-pandemic norms. But how should we think about the trajectory of the economy for the balance of the year under these conditions? And what could that mean for commercial real estate (CRE) and its own normalization after such an unusual period?

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U.S. Real Estate Sector Report

Courtesy of Principal Asset Management

Evaluate real estate investment opportunities on the horizon in the U.S. market with our bi-annual sector reports, featuring: cross-quadrant perspectives from our real estate investment professionals, current conditions and outlooks for core real estate sectors, and non-traditional sectors such as data centers.

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Europe Real Estate Sector Report

Courtesy of Principal Asset Management

Evaluate real estate investment opportunities on the horizon in the European market with our bi-annual sector reports, featuring: cross-quadrant perspectives from our real estate investment professionals, current conditions and outlooks for core real estate sectors, and non-traditional sectors such as data centres.

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Grid-Scale Energy Storage

Courtesy of PATRIZIA

Grid-scale energy storage is the less glamorous but essential complement to renewable energy in the global decarbonization pursuit, offering necessary stability to renewables’ temperamental supply. Forms of storage at varying degrees of development and deployment have emerged as solutions. Each carries its own benefits and drawbacks, and not all are likely to gain traction over time.

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When Fear Is a Friend – US Multifamily in Focus

Courtesy of KKR

Rising interest rates have taken their toll on U.S. multifamily housing, as they have on other commercial real estate sectors. Debt levels relative to equity are higher in multifamily than in some other segments, a loan maturity wall looms, and interest rate caps are expiring, putting many owners in the position of refinancing at a time when their properties are worth less than their acquisition basis and interest rates are much higher. Plus, a wave of new supply will come on the market over the next two years. Some have wondered whether multifamily housing is in for a period of significant defaults and distressed deal flow similar to that of the office sector.

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1Q_2024 European Economic and CRE Outlook

Courtesy of BGO

2023 presented a challenging year for the European economy and commercial real estate (CRE) market. Economic growth slowed, property market fundamentals faced some associated headwinds, and the interest rate increase disrupted capital markets. Yet, in many ways 2023 represented a year of stabilization, not implosion, as ongoing post-pandemic adjustments continued. With the major regional central banks poised to cut rates in 2024, the outlook for both the economy and the CRE market looks brighter. We remain cautiously optimistic about the outlook for 2024 and more so for 2025.

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Will Falling Interest Rates Save APAC Real Assets?

Courtesy of CapitaLand Investment

In our first Perspectives for 2024, we share our views on the evolving global interest rates landscape, the knock-on effects for Asia Pacific (APAC) Real Assets markets, and how 2025 is setting up to be a vintage year for investors across different investment strategies.

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2023 Impact & Sustainability Report

Courtesy of Hearthstone Investments Ltd

Based on data collected from Hearthstone's portfolio of 1800 rental homes, a mix of houses and flats in low-rise apartment blocks. They recognize the importance that investors put on the ESG criteria of the homes they are investing in and the desire to understand what impact these investments have on the economy and communities where they are focused. Their latest report paints a picture for investors of what is being delivered and for whom, demonstrating value above and beyond capital returns.

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Decarbonization Metrics for Real Estate Investment

Courtesy of MetLife Investment Management

While there is not a one-size-fits-all approach to track progress toward reducing emissions, due to the complexities of real estate portfolios, we believe intensity-based metrics offer a more flexible and reliable method for tracking decarbonization progress than absolute targets for reasons discussed in this paper.

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