Global ODCE funds maintained their fourth consecutive positive performance, even with negative capital growth in Q4 2025. Europe and the US continued to deliver positive returns this quarter while Asia Pacific recorded negative returns for the first time in four quarters.
The Q4 2025 release features the performance of 49 funds with a combined GAV of US$ 348.6 billion.
Key highlights:
- The Global ODCE fund index delivered a net total return of 0.42% in Q4 2025, slightly down by 3 bps from the previous quarter.
- European ODCE funds outperformed the other regions, posting a total return of 1.12%, followed by the US with 0.70%, then Asia Pacific with -0.57%.
- At -0.34%, capital growth was negative for the second consecutive quarter, up by 4 bps from Q3 2025. The accrual-based income return was slightly down by 8 bps, delivering 0.75% in Q4.
- Global ODCE real estate portfolios are dominated by allocations to the industrial / logistics, which accounts for the largest allocation in all three regions. In all three regions, this sector has a weight of over 30%.
Download the report, Excel and snapshots below to view detailed analysis.
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