MSCI Real Estate Market Size

Research Paper
Razia Neshat, Rishikesh Patkar, Hariharan G G
August 3, 2026

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Our annual analysis of the global professionally managed real-estate universe provides a deeper understanding of the relative size of 38 property markets around the world in 2025.

The report charts the market sizes and relative weights that underpin the MSCI Global Annual Property Index and a range of other multinational indexes, helping institutional investors map and balance their portfolios.

We also analyze the global market by property sector and by investment-vehicle type, delivering greater clarity on the composition of the professionally managed universe.

  • Global commercial property managed by institutional investors for the purpose of investment returns rose to USD 13.5 trillion in 2025, marking the first increase in global market size since 2021. Much of the 8.5% expansion was due to currency impacts.
  • The dominance of the U.S. market continued, with a size greater than the next four largest markets combined, but its weight in the overall universe edged down. Out of 38 markets in the study, 35 grew in 2025.
  • The industrial sector, which in this analysis includes data-center properties, grew to a 20.5% share of the global market last year. Offices again ceded share while remaining the market’s most invested sector at 26.8%.
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The global market size expanded after three years of contraction 
The chart shows global market size in USD billions from 2006 to 2025, broken down by country (United States, United Kingdom, Japan, Germany, China) and an "other markets" category, stacked to form total market size for each year. Total market size dipped in 2009 (around 7,500 billion) following the prior peak, then grew steadily through the 2010s, reaching a high near 14,000 billion in 2021, before declining slightly and fluctuating between roughly 12,000 and 13,500 billion through 2025. The United States is the largest single contributor throughout the period; the "other markets" category also represents a substantial share of the total each year.

Source: KTI (Finland), MSCI 

Razia Neshat
Razia Neshat
Vice President, MSCI Research & Development
Rishikesh Patkar
Rishikesh Patkar
Executive Director, MSCI Research & Development
Hariharan G G
Hariharan G G
Executive Director, MSCI Research & Development

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