Research Reports

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


Hotels and Offices: From Operational Upside to Demand Uncertainty in the Age of AI

Courtesy of Principal Asset Management

In this final installment of our artificial intelligence (AI) and real estate series, we turn our attention to two additional, yet distinct, property sectors: hotels and offices. In our view, hotels are positioned to experience positive, although marginal, gains from AI, primarily through operational efficiencies. Offices, by contrast, face a more nuanced outlook: while AI adoption in the near term may disrupt demand, over the longer term, technological advances have historically supported stronger economic growth and increased demand for commercial space.

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Chicago Multifamily: Fundamentals Outpacing Perceptions

Courtesy of MetLife Investment Management

Chicago commercial real estate has underperformed over the last decade. The gross unlevered return across all property types averaged 3.8% versus a 5.8% U.S. average, and the underperformance continued during the 3Q 2022 – 3Q 2024 commercial real estate (CRE) downturn. We attribute most of the underperformance to rising Cook County property taxes, with slow population growth as a secondary factor. Today, Chicago apartment fundamentals are among the strongest in the country. Recent transaction pricing suggests the market has overreacted to underperformance. In our view, average cap rates are 35 basis points (bps) higher than justified by fundamentals, or at a 6% unlevered price discount.

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Cold Storage Real Estate: Insulated From Economic Headwinds?

Courtesy of Manulife Investment Management

With supply chain and distribution management challenges likely on the horizon, the cold storage sector is positioned for strong performance due to its niche characteristics that include the necessity of purpose, significant cost to develop new facilities, strategic locations, and cross-industry integration.

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Why Global Government Bond Yields Have Risen

Courtesy of Manulife Investment Management

Government bond yields have been rising across the globe since early April’s surge in market volatility. We explore why the recent yield spike may be transitory and consider the current attractiveness of fixed income relative to other assets on a risk-adjusted basis.

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Q1_2025 U.S. Economic and Property Market Outlook

Courtesy of AEW Capital Management

Curious how shifting economic conditions and policy uncertainty are shaping the U.S. real estate landscape? AEW's latest Q1 2025 Research Perspective uncovers surprising resilience – and emerging opportunities – across the commercial property market.

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Q1_2025 APAC Research Perspective

Courtesy of AEW Capital Management

How are shifting market cycles and monetary policies impacting Asia Pacific real estate in 2025? AEW's latest APAC Research Perspective explores emerging opportunities across key sectors and markets, from repriced office to high-growth living assets.

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2025 Mid-Year Update: Inside Real Estate Outlook

Courtesy of Principal Asset Management

Explore the evolving macroeconomic environment and the commercial real estate investment landscape with our real estate mid-year update. While 2025 has proven more challenging than initially anticipated, we believe real estate is in a better position than it was just a year ago and that we are on the cusp of a turning point. Debt markets are functioning, capital is flowing at an increasing rate, and bid ask spreads have narrowed, and while investors are cautious, they remain engaged. Fundamentals will be a primary driver of total returns versus the post-Global Financial Crisis financially engineered returns which were driven by historically low interest rates. We believe property and market selection are therefore paramount.

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Sports, Media and the Search for Uncorrelated Returns

Courtesy of ORG Portfolio Management

The global sports market ranks amongst the largest global industries with an es8mated present value of $507.7 billion forecasted to increase by 70% to $862.6 billion in 20331. Despite its size, the sports asset class is often overlooked by institutional investors as it has traditionally attracted interest from ultrawealthy individuals seeking ownership for the purposes of vanity and pride. However, it has been well proven that sports are a viable asset class for investment due to its uncorrelated performance compared to a traditional investment portfolio, steady appreciation and predictable business cashflows, continued contribution to portfolio diversification and scarcity with a limited supply of deeply entrenched teams in established leagues. In fact, the Major League Soccer (“MLS”), National Basketball Association (“NBA”), Major League Baseball (“MLB”), National Hockey League (“NHL”), National Football League (“NFL”) and the top global football clubs have all outpaced the S&P 500 over the past 20 years.

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