Global Capital Markets Annual Review 2026 (Savills)

Summary

• Global real estate investment rose by nearly 10% in 2025 in US-dollar terms, or around 8% on a fixed-exchange-rate basis.p.3
• US investment increased by 18% in 2025 and now stands 30% above the 2023 low.p.3
• Global investment in the living sectors reached $277 billion in 2025, a near 15% increase on the year.p.6
• Global investment in industrial and logistics real estate was $216 billion in 2025, a 6% increase on the year.p.15
• Global office investment rose by 18% year-on-year to $208 billion.p.24
• EMEA office investment reached €47 billion, up 15% year-on-year.p.26
• US office investment reached $80 billion, a 38% rise year-on-year.p.28

Key insights

1. Purpose Built Student Accommodation investment rose 22% to $21 billion, while senior living and healthcare turnover surged 70% to $40 billion.p.7
2. US living sector transactions totalled $190 billion, 15% higher than the previous year.p.10
3. APAC living investment reached $19.1 billion, up nearly 27% on the year, with cross-border investors accounting for 43%.p.12
4. EMEA industrial and logistics investment fell by 2% in 2025, with €43 billion trading over the year.p.17
5. US industrial and logistics investment totalled $111 billion, a 14% increase on the prior year.p.19
6. The US national industrial vacancy rate was stable at 8.2% in the fourth quarter.p.19
7. Investment in the APAC industrial and logistics sector totalled $44 billion, a 6% annual decline.p.21
8. Investment into offices by US-based investors reached $87 billion, 47% higher than a year earlier.p.25
9. The CMBS delinquency rate for offices reached 12.3% by January 2026, and offices account for around 48% of distressed US commercial real-estate loans.p.28