Data Snapshot

PERE’s Lending Barometer tracked nearly $4bn in loans for office-to-residential conversions through the end of September.

Aggregate capital raised by the largest real estate funds closed dropped by a third from the same period last year.

The largest transaction during the period was more than triple the size of the chart-topper in H1 2025.

Vehicles targeting the strategy needed less than half the time in market of their equity counterparts that closed in the first half-year.

Banks have remained relatively static participants in mid-market commercial real estate deals from 2024 to date.

The 10 largest funds accounted for 43 percent of capital raised for closed-end private real estate vehicles in the first half of 2026, more than double 2021’s share.

Almost a third of all recorded investment went into just 10 acquisitions, the largest top 10 since 2020 – and the second largest in a decade.

Funds closed in H1 2026 that raised over $5bn spent more than three times as many months on the road as similar-sized funds did five years ago.

Global investment volume fell across all deal size categories during the first half-year except for transactions greater than $1bn.

A broader range of return outcomes among vintage-2023 funds demonstrates the impact of the market correction on private real estate performance.