Justin Sumner

Demand remains exceptionally strong, but the industry’s rapid expansion is creating new constraints around power, land, labor and community acceptance.

As PBSA has evolved into a mainstream institutional asset class, the drivers of outperformance have become more nuanced.

From income durability to active management to broadening sector definitions, these shifts are reshaping what qualifies as core and core-plus real estate in 2026.

PEI Group found APAC-focused private real estate fundraising attracted $20.5bn at the end of 2025, a $6bn increase on 2024.

PERE’s annual ranking of private real estate fund managers active throughout the Asia-Pacific region.

Limited new supply and necessity-led demand are reshaping the investment case for retail real estate.

Investors are using secondaries to unlock liquidity, retain high-conviction assets and reposition platforms for growth.

Secondaries-focused fundraising totals represented just 4% of private real estate fundraising in 2025, but the strategy continues to attract capital commitments.

Institutional capital is redrawing residential strategies as structural shortages, operational intensity and demographic demand reshape the global living sector.

Investors are being forced to reconsider how returns are generated in a market long defined by stability, as the country's real estate sector undergoes one of its most significant transitions in decades.