Manya Rathore
Research expert covering India
Commercial real estate market worldwide - statistics & facts
Commercial real estate remains a major asset class prized for its income potential through rent and capital appreciation. In 2025, the global commercial real estate market was valued at over 38 trillion U.S. dollars, with North America holding the largest regional share at more than 13 trillion U.S. dollars. This market size slightly surpasses that of Asia-Pacific and Europe, Middle East, and Africa (EMEA) regions. A large share of these companies consists of private firms, with only a small portion trading on stock exchanges. North America accounted for the largest share of the listed real estate market, with a market capitalization of the sector amounting to roughly 1.3 trillion U.S. dollars as of December 2025.
Who dominates the commercial real estate landscape?
Blackstone is by far the largest commercial real estate asset management company worldwide by assets under management. In 2024, Blackstone held roughly 602 billion U.S. dollars' worth of real estate assets, well ahead of Brookfield Asset Management. Both companies are headquartered in the U.S. and manage a portfolio including real estate equity and debt. In Asia-Pacific, Goodman Group and Sun Hung Kai Properties are notable leaders by market capitalization.
Besides asset management firms, real estate investment trusts (REITs) are another important investment vehicle in the real estate landscape. These are public companies that own and operate real estate to generate income, often focusing on a specific market segment, such as offices or logistics facilities. As of October 2025, the industrial and logistics REIT Prologis remained the largest REIT by market cap in the United States.
Industrial property on top, offices still lagging
Industrial real estate has been rising in prominence since 2015, and in 2025, it remained the most popular property type among investors globally. The growing e-commerce sector has been one of the major factors driving this trend, but not the only one. Supply shortages since the COVID-19 pandemic and trade tensions have also highlighted the importance of safeguarding supply chains and the role of industrial and logistics property in supporting that. Meanwhile, the office market has shrunk notably, as remote work and shifting occupier preferences favor newly built, modern buildings. Annualized office investment volumes remained far below pre-pandemic levels in 2025, even as the sector showed signs of an upward trend.
The commercial real estate sector is also experiencing a surge of interest among family offices or investment firms of ultra-wealth families, with offices, luxury residential and branded residences, and industrial and logistics emerging as the most preferred property. As the recovery in transaction activity gains traction, the divergence between thriving sectors like logistics and struggling ones like offices will likely continue shaping investor strategy in the years ahead.
