AFIRE International Investor Survey: H2 2025 Pulse Report

For more than thirty years, AFIRE has conducted a semi-annual survey of its members to gauge their sentiment around economic, demographic, and other commercial real estate trends in the US.

With AFIRE members now representing more than $4 trillion in global real estate assets, managed and owned across 180 organizations from more than two dozen countries, this survey has likewise served as a useful barometer of institutional investor sentiment over time. Especially because the real estate “point of view” is not immediately tied to contemporaneity, but instead balances the realities of current events and trends alongside longer-term theses for suitable returns.

And since the founding of AFIRE in the late 1980s, the world has operated a seemingly predictable and mostly stable global economic order, such that sentiments expressed over any multi-year period over the past three decades were originating from a consistent economic and political context.

This H2 2025 survey, conducted in August 2025 and published in the September 2025 issue of Summit Journal, covers sentiment organized around this context—and predictions about how it will continue to evolve.

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