PERE Investor Perspectives Survey

PERE’s Investor Perspectives 2024 Study shows that real estate’s recent poor performance has not dented investor interest in fresh investments.

Private real estate had a difficult 2023, with rising interest rate rises and tumbling property values weighing on the market. Early in 2024, heightened uncertainty in the macroeconomic landscape prevails – as do questions about real estate’s worth in an institutional portfolio. However, PERE’s Investor Perspectives 2024 Study – which surveyed 117 institutional investors on asset allocations, performance predictions and more – reveals that most investors retain appetite for real estate, even if sector and strategy preferences continue to shift.


Perspectives is PERE’s annual study of institutional investor sentiment to the asset class. It aims to provide a granular view of the private equity real estate market, both current and future, by gathering insight on asset allocation, propensity to invest and performance predictions. It is a global study, reflected in the question set and the respondents. The question set is reviewed annually to reflect market developments and shifts in sentiment.

This interactive portal showcases the results of 12 key questions. For the 2024 findings, fieldwork was carried out from September to October 2023.

Over 30 questions are asked in the Perspectives study. Platinum subscribers can email for the full 2024 data set.


CLICK HERE to explore an interactive display of findings from the Perspectives study.

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PERE’s Investor Perspectives 2023 Study provides a granular view of the market, both current and future, by gathering insight on investors’ asset allocation, propensity to invest and performance predictions. It is a global study, reflected in the question set and the respondents, which allows for cross-regional comparisons across asset classes.

Recovery was the priority in 2021, as the industry navigated its way through pandemic conditions to find continued success in uncertain times. The ‘new normal’ has caused many to reassess their investment choices and has changed the desirability of different assets.

The 2021 Perspectives study reveals private capital displaying cautious sentiments toward real estate – 15 percent plan to invest less in 2021, up from 9 percent reporting the same in the 2020 study. And hearts and minds are shifting away from office and retail – a mere 2 percent and 4 percent say they will commit more to these sectors respectively. Investors’ view of logistics, residential and healthcare is more robust.

Against the covid-19 backdrop, which has caused much pondering over whether new-found virtual habits are here to stay and what long-term impact this might have on assets like offices and shops, these findings are not altogether surprising. But let’s not be too downbeat. Despite current uncertainties, most institutions polled want to hold allocations steady in the months ahead. And with only 8 percent reporting overallocation to the sector, and 34 percent under allocation, there is no shortage of dry powder still seeking a home in property.

While fundraising figures might suggest investors have lost faith in private real estate in the last 12 months – $135 billion was raised in 2019, the second lowest figure recorded in seven years, and just 181 funds closed, down from 337 in 2017 – the findings of our Investor Perspectives 2020 survey indicate that institutional interest in the asset class is very far from down and out.

Just 10 percent of investors polled report they are overallocated to the asset class going into 2020, with 32 percent saying they are underallocated. Further, 35 percent of respondents are looking to commit more capital this year. Only 9 percent say they will invest less. Investors are also largely content with the performance of their investments with 56 percent saying the asset class either met or exceeded benchmarks in 2019 – only 7 percent feel they were short changed. Happily, private real estate is expected to deliver in 2020 too, with 65 percent of investor respondents foreseeing benchmarks being met or exceeded. Just 15 percent anticipate performance will fall short.

So, despite a quieter fundraising year in 2019, it would be premature to press the panic button. Private capital is out there and eager to take up residence in property in the months ahead.

Find out how institutional investors intend to approach real estate in the year ahead, the issues that most concern them, what they think about the fees managers charge them, and what they focus on in due diligence… and much more. This PERE survey offers up plenty of food for thought whether you are a manager or investor.


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