The M&A and Strategic Transactions Monitor reveals the top themes in both public and private markets through the first half of 2025.

Prominent real estate capital markets thematics

• CRE M&A: Different rationale for increased M&A activity across verticals

• REIT M&A pricing: Importance of Wall Street NAV fading as a metric of focus for M&A deals

• REIT sector performance: REITs’ positive correlation to the 10 Yr treasury yields has reversed in recent years

• NAV financing: NAV financing has become an increasingly popular liquidity alternative for sponsors

• Secondary funds: A mainstream investment strategy with significant momentum and favorable outlook

• Infrastructure: Real estate opportunities with infrastructure characteristics provide investors with additional diversification and value

• REIT 1H 2025 performance: Despite volatility driven by tariff uncertainty from liberation day, REIT performance rebounded in 1H 2025

• Liberation Day: What is next for REITs with talk of higher-rates-for-longer and inflationary pressures?

Real Estate Deep Dives

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• Office sector: U.S. office inventory reductions exceeding deliveries for first time in over 30 years

• Retail sector: Outperformance a predictor of increased capital rotation into retail sector?

• Loan duration: Loan duration has shortened; this will lead to more refinancing activity

• Loan size: Appetite for larger loans increasing dramatically across lender types