In this year’s INREV Management Fees and Terms Study, the average Total Global Expense Ratio (TGER) for 2025 was 0.87% on GAV and 1.48% on NAV, based on a sample of 96 funds. Additionally, from a sample of 91 funds, a Real Estate Expense Ratio (REER) of 1.17% on GAV was recorded.
Key highlights include:
- Core funds saw a marginal decline of the TGER by 2 bps in 2025 compared to the previous year, while non-core funds experienced a more noticeable decrease of 15 bps on gross asset value (GAV) and 64 bps on net asset value (NAV).
- Consistent management fees for Core funds, but high dispersion in vehicle costs, while Non-core funds reported higher dispersion of the management fees.
- ODCE vehicles reported higher TGERs at 0.91% on GAV, compared to 0.72% for Core excluding ODCE funds. Despite recording higher costs than other Core peers, ODCE showed lower TGERs than the set of other multi country – multi sector funds, which averaged 1.11%.
- Non-Core funds and Nordic funds reported higher Real Estate Expense Ratios (REERs), while UK-focused funds recorded the lowest REERs.
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Management Fees and Terms Study
Published on 22 Sep 2026