The FTSE EPRA Nareit Developed Index posted a total return of 11.1% through the first two months of 2026, while the FTSE EPRA Nareit Developed Extended Index returned 10.8% for the same period. Following a solid start in January, global real estate momentum accelerated in February, with all major regions delivering double-digit year-to-date gains. For the month, the Developed index posted a total return of 7.1% and the Developed Extended index returned 7.0%. The FTSE Global All Cap is up 4.9% on a year-to-date basis and rose 1.6% on the month.
Regional performance was led by Developed Europe, which delivered a total return of 11.6%, narrowly outperforming Developed Asia and North America, which both posted returns of 11.1%. These results highlight a broad-based recovery in global property markets, though sector specializations continue to drive performance divergence within each region. On a monthly basis, North America led in February, followed by Developed Europe and Developed Asia, with respective returns of 7.7%, 6.4%, and 5.9%.
Property Sector Highlights
At the global level, the data center and specialty sectors led on a year-to-date basis through February, delivering total returns of 21.6% and 16.1%, respectively, as reflected in the above table. Self-storage also saw significant gains, posting a 16.1% return, while diversified, the largest sector by weight, returned 14.2%.
The office sector continued to face headwinds, remaining the only property sector in negative territory with a -2.7% return year-to-date. The timberland and residential sectors also lagged, posting modest gains of 2.4% and 2.8%, respectively.
Regional Performance
As reflected in the preceding exhibit, returns have been broadly positive across each region.
Developed Europe
Europe led all regions through February with an 11.6% total return. Performance was driven by strength in health care and industrial assets. Health care rose 15.6%, while the industrial sector returned 14.3%. The residential sector also contributed significantly with a 12.9% return. Europe saw positive returns across every property type.
North America
North America delivered a total return of 11.1% through February. The data center sector climbed 22.3%, the highest return of any sector globally. Self-storage and specialty returned 17.3% and 16.5%, respectively. The office sector continues to face headwinds, declining 6.7% year-to-date, while the residential sector saw a more muted 1.5% gain.
Developed Asia
Developed Asia also posted an 11.1% total return for the first two months of the year. The region’s performance was anchored by the diversified sector, which constitutes 70% of the index and returned 14.7%. Data centers also performed strongly in the region with a 12.1% return. Asia’s overall regional return was tempered by the industrial sector, which is flat for the year, specialty, which has returned 1.5%, and retail, which rose 1.9%.
The above table reflects the more concentrated nature of Developed Asia and Developed Europe, where the diversified sector has risen to 70% in Asia and 33% in Europe, while North America presents a more balanced landscape.