Research Reports

Economic data are sending mixed signals once again—growth is holding up, sentiment remains fragile, and real estate markets are adjusting to an environment that feels both familiar and fundamentally different. In this research paper, AEW explores what this means for investors in the year ahead.

After a volatile reset, APAC private real estate enters 2026 on firmer footing—but without an easy path forward. Interest rates have moderated and activity has improved in select markets, yet policy flexibility remains limited and growth uneven. AEW explores what this means for investors in the year ahead.

Hospitality real estate today presents a rare convergence: durable demand growth flowing into constrained supply; transaction pricing far below replacement cost; and a less competitive landscape where institutional capital has retreated. Each of these dynamics alone would merit attention. Together, they define a window for disciplined, operationally focused investors. It will not stay open long.

CRE is a tangible asset class that balances income, growth, and risk mitigation and should be a core pillar of both institutional and private portfolios.

This North American House View publication is produced each year and serves two essential purposes. First, it highlights our outlook for the North American economy and the commercial real estate (CRE) sector. Secondly, it presents our strategic focus areas and approach to capture the opportunities presented in the current environment.

Private real estate debt is a compelling complement to middle market direct lending. The combination delivers diversified collateral, resilient income, and improved risk-adjusted outcomes through cycles. With bank dislocation and refinancing needs creating durable deal flow, investors can use disciplined, senior-oriented real estate credit alongside direct lending to build portfolios that are both productive and resilient. The takeaway is clear: pair them.

Self-storage has been a top-performing asset class for nearly two decades, driven by its unique operating model and resilient demand characteristics. This report explores the macroeconomic landscape and favorable demographic trends shaping the future of the self-storage sector. It also provides a detailed analysis of market fundamentals and the outlook ahead – all of which we see pointing to continued momentum for the sector. Despite a challenging two-year period marked by a sector-wide retracement following significant pandemic-era gains, evidence is presented supporting a renewed sense of optimism and the potential return of long-term growth.

Student housing has historically proven to be a resilient and attractive real estate strategy, providing strong demand drivers, portfolio diversification benefits, and steady returns amid challenging macroeconomic conditions.

The resumption of the Federal Reserve’s easing cycle has prompted many private markets investors to evaluate how a lower-rate regime shapes opportunities and risks across commercial real estate (CRE), private infrastructure debt, investment-grade private credit, and middle market direct lending. Across these segments, one message is consistent: while interest-rate environments influence activity and pricing, private markets create value through fundamentals, structure, and long-term discipline. Those attributes combine to make private credit and debt strategies historically resilient across rate cycles.

European retail real estate is showing signs of recovery after several years of repricing. This report points to improving investor sentiment, stabilizing fundamentals and a more supportive macroeconomic environment across the sector. Retail has seen the largest improvement in manager sentiment among the four core real estate sectors over the past three years, reflecting a shift in investor outlook after a prolonged period of uncertainty.