CBRE IM: The Outlook for Listed Real Estate Q1 2025

In 2025, we see the potential for global listed real estate to outperform broad equities and provide a differentiated total return compared to private markets. We believe listed real estate is in the early days of a new upcycle, one in which long-term yields remain in a range (range-bound), where earnings are accelerating, where listed capital market access remains abundant and where valuations (whether discounted or not) can support continued returns. We expect the following characteristics for listed real estate in 2025:

• The ability to prosper in an environment of moderating central bank rates and range-bound yields
• Accelerating organic earnings based on improving supply/demand across sectors
• Access to capital supporting potential acquisitions and upside to estimates
• Compelling valuations and total return opportunities at this stage of the cycle

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