At 0.82% based on GAV, the equal-weighted average reported Total Global Expense Ratio (TGER) for All ODCE funds remained unchanged for the reporting year 2024, compared to the previous year. On the other hand the TGER based on NAV increased by 3 bps to 1.21%. This increase in TGER based on NAV can be explained by slightly higher gearing levels.
This year’s Global ODCE Management Fees Publication is the second global comparison of the TGER, comprising of management fees, performance fees (which were not common in 2024) and vehicle costs before tax. The study includes TGER for 47 out of the 49 funds included in the Global ODCE Index, representing a total gross asset value (GAV) of USD 336 billion (98% of the Global ODCE Index’s GAV) as of the end of 2024.
Key highlights include:
- The largest driver of regional differences between the TGERs is vehicle costs. TGER and vehicle costs are lower for US funds which are generally larger and invest in a single country
- Asia Pacific ODCE funds report lower average TGERs based on GAV relative to their European peers, at 0.80% and 1.00%, respectively
- Professional services are the highest vehicle cost component across all three regions
Download the Report, Snapshot and Excel supplement below.
Global ODCE Management Fees
Published on 01 Jul 2025