Market Commentary Blog

REITs supported an estimated 3.6 million fulltime equivalent (FTE) jobs in the United States in 2024, producing $283 billion in labor income, according to EY’s latest Economic Contribution of REITs report, commissioned by Nareit.

A recent Nareit commentary highlighted the stubbornly slow-to-close and wide public-private real estate cap rate spread.

U.S. REITs raised $21.3 billion from secondary debt and equity offerings in the third quarter of 2025. Of that total, $14.0 billion came from debt offerings, $6.6 billion came from common equity offerings, and $740 million came from preferred equity offerings. The first REIT IPO of 2025, with a focus on the data center segment, priced on September 30 and began trading in October.

Active managers of global real estate funds make strategic use of both geography and property sectors in investing over time.

The FTSE EPRA Nareit Developed Extended Index posted a total return of 0.5% in September. 

The FTSE Nareit All Equity REITs Index rose 0.4% in September as the Federal Reserve, noting the softening labor market, cut the federal funds rate by 25 basis points.

For 60 years, investors have flocked to the Berkshire Hathaway Annual Shareholders Meeting.

As highlighted in a recent Nareit commentary, the current lingering public-private real estate valuation divergence has been an unwanted visitor for commercial real estate (CRE).

The new global active manager tracker follows the quarterly investment holdings of the largest actively managed funds invested globally, not just in the U.S.

Active managers in the REIT space differ significantly from those in private real estate principally in their investment in non-traditional property sectors. 

In the third quarter of 2024, material progress had been made in closing the gap between REIT implied and private appraisal cap rates, but then markets changed.

The FTSE EPRA Nareit Developed Extended Index rose 3.7% in August, led by Asia and North America.