In 2025, the equal-weighted average reported Total Global Expense Ratio (TGER) at the global level decreased slightly year-on-year, falling 1 bps to 0.81% of Gross Asset Value (GAV) compared to the previous year. Based on the Net Asset Value (NAV) the TGER decreased by 2 bps to 1.19% during the same period. This larger decrease in TGER based on NAV can be partly explained by slightly lower gearing levels.
For the first time, the study includes the TGER of all 49 funds included in the Global ODCE Index, representing a GAV of USD 349 billion as of the end of 2025. The sample covers 8 funds included in the ANREV ODCE Index, 16 European funds included in the INREV ODCE Index, and 25 US funds that form the NCREIF’s NFI-ODCE Index.
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 relative to their European peers but the 19 bps spread reported last year has now shrunk. Asia funds report a higher TGER based on GAV at 0.86% vs 0.80% in the prior year, while the equivalent for European funds reduced from 1.00% to 0.91% in 2025.
- 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 14 Jul 2026