The FTSE EPRA Nareit Developed Extended Index fell 2.0% in October. Each region declined, with Developed Europe leading with a total return of -0.6%, followed by North America at -1.6%, and Developed Asia at -1.8%. The declines, which came towards the end of the month, were linked to the news that the Federal Reserve was reconsidering further interest rates in 2025.
On a year-to-date basis through Oct. 31, the Developed Extended index is up 8.4%, led by Asia with a total return of 25.6%, Europe at 18.2% and North America at 3.2%. The FTSE Global All Cap rose 2.0% for the month, with a year-to-date total return of 21.1%.
Property Sector Highlights
Year-to-date performance continues to be led by the health care, diversified, and industrial/office sectors, as illustrated in the preceding chart.
Regional Performance
As indicated in the table above, Developed Asia continues to lead regional performance in 2025 with a 25.6% total return, followed by Developed Europe at 18.2%, and North America trailing at 3.2%. These returns continue to be significantly influenced by regional differences in sector specialization. The developed industrial sector rose 5.3% in the month, with the gain being driven by North America’s total return of 6.6%.
As reflected in the charts above, Asia is led by retail, office, and diversified (67% sector weight), while in Europe, health care (4.9% sector weight), retail, and diversified lead. North America presents a more balanced landscape of sector weights, though health care (19.1% sector weight) also leads in the region, followed by diversified, and industrial/office mixed.