4 June 2025, Amsterdam – Total global real estate assets under management (AUM) fell to €3.6 trillion in 2024, a 2.7% decline from the €3.7 trillion reported the previous year, according to the Fund Manager Survey 2025 published today by ANREV, INREV and NCREIF.
The decline marks the third consecutive year of contraction in the global non-listed real estate market. This continued contraction reflects persistent market uncertainty, subtrend economic growth, and historically low capital raising levels, which totalled just €118 billion in 2024 – the second lowest since 2015. Key findings from the survey include:
- There is a strengthening trend towards industry consolidation, with 11% of surveyed fund managers undergoing or planning mergers, and a further 7% indicating active acquisition intentions in 2025
- Capital concentration among the largest managers intensified, with fund managers in the upper quartile accounting for 83% of total AUM (€3 trillion), up from 79% in 2023
- The global top 10 managers held steady with €1.9 trillion in total AUM at the end of 2024
- Total global dry powder fell to €195 billion in 2024, representing 7.4% of total AUM – down from 8.0% the year prior
- Pension funds and insurance companies remained the primary sources of equity capital for global real estate, accounting for 43% and 19% respectively in 2024
Growing dominance of large funds
Despite the overall decline in AUM, the capital concentration among the largest managers intensifies, underscoring the increasing dominance of large players. The results show a clearly continuing trend towards industry consolidation, particularly among bigger players, with the gap between large and small managers widening significantly.
AUM per manager drops by 17.3% to €32.1 billion in 2024, reversing the previous year’s gains. This shift signals growing polarisation in the market, with larger players absorbing market share as smaller firms face headwinds.
Reshuffling of top 10 managers in regional rankings
The survey reveals a fair amount of movement amongst the top 10 managers by AUM, especially at the regional level. In Europe, Blackstone rises two spots to become the region’s largest manager, and AXA IM rises one place to take third position. Deka Immobilien and Prologis emerge as new entrants in Europe’s top 10.
Blackstone also tops the North America regional list, but is joined by several new entrants, including Ares Management, QuadReal Property Group, Affinius Capital, and Principal Real Estate Investors. Asia Pacific sees a substantial reshuffling, with Link Asset Management Limited and Gaw Capital arriving as new entrants to the top 10 in 2024.
For the second consecutive year, Blackstone features in the top 10 rankings across all regions, as well as for the global strategies.
A shift towards higher risk
The survey also reveals that managers and investors are moving up the risk curve, particularly in Europe and North America. Total global real estate allocations to core strategies drop from 67% to 63% in 2024, whilst allocations to opportunistic strategies increase from 24% to 27%.
This heightened appetite for risk comes despite high levels of uncertainty and volatility in the market, indicating that fund managers and investors are looking to take advantage of the current circumstances in order to boost returns.
Commenting on the results, Iryna Pylypchuk, INREV’s Director of Research and Market Information, said: “This year’s survey reflects a market continuing to recalibrate, and the real estate universe becoming even more concentrated and competitive in response to a continuously evolving global political and economic order.
“While overall AUM is down for a third year, we’re seeing the twin forces of consolidation and specialisation play out more clearly than ever – with large managers consolidating capital and smaller players leaning into their niche expertise to stay competitive. Industry consolidation is expected to gain momentum, with 11% of respondents undertaking or planning mergers in 2025, and 7% pursuing acquisitions.
“This trend of consolidation, and the increasing concentration of AUM within the biggest investment managers, raises questions over market dominance and accessibility and needs to be watched carefully over the long term.
“The slight decline in dry powder may appear negative at first glance, but it reflects a positive shift as managers begin to deploy committed capital. This is a sign that the markets are moving favourably, and the pace of deployment is picking up.
“In the wider picture, the survey results reflect that for the first time in decades, Europe is at the front of the global correction cycle, followed by North America and then Asia Pacific. Surplus savings and the recent agenda to power charge European economy with a focus on growth sectors give an additional impetus. Asia Pacific may be more sensitive to currency volatility, especially against the dollar, whilst the euro is getting stronger. As the US policies focus inward, there is a growing sentiment that if the European economy gets back on track, euro has the potential to become a reserve currency in the next 15 years. The market is picking up on this, and it is starting to believe in Europe again.”