Global ODCE funds maintained their third consecutive positive performance, even with negative capital growth in Q3 2025. Despite a quarter-on-quarter slowdown in performance from both Asia Pacific and the US, Europe and the US continued to deliver positive returns this quarter, and Asia Pacific was essentially flat at 0.00%.
The Q3 2025 release features 49 funds with a combined GAV of US $347 billion.
Key highlights:
- The Global ODCE fund index delivered a net total return of 0.45% in Q3 2025, down from 2.18% in the previous quarter.
- European ODCE funds outperformed the other regions, posting a total return of 0.83%, followed by the US with 0.52%, then Asia Pacific with 0.00%.
- Capital growth turned negative in Q3 with -0.38%, down from 1.38% posted in Q2 2025. While the accrual-based income return increased by 4 bps, delivering 0.83%.
- Global ODCE real estate portfolios are dominated by allocations towards the mainstream sectors, like industrial / logistics and office. In all three regions, these two sectors have a combined weight of over 50%.
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