???: ?? ???? ???? ??
In this video, Real Estate CEO Lowell Baron joins our global real estate leadership team to discuss the year ahead—what we’re seeing on the ground, where fundamentals are strong, where caution is warranted, and the opportunities we see to acquire and operate assets across real estate sectors around the world.
2026? ?? ??
- ???? ??? ?????? ???? ???? ???, ?? ?? ????? ????? ?? ??? ?? ????? ????. ??? ?????? ??? ????, ???? ?? ?? ??? ?? ??? ?????? ??? ? ?? ???? ??? ??????.
- ???? ?? ??? ???? ???, ??? ??? ??? ??? ?????? ?? ?? ??? ??? ??? ????? ? ?? ????.
- ?? ???? ??, ?? ? ?????, ??? ??? ?? ? ??·????? ?????.
2025?? ??? ??? ?? ?? ??? ????, 2026?? ???? ??????? ??? ????? ??? ???? ?? ???, ?? ???? ????? ???? ?? ??? ????? ?? ? ????. 2020?? ??? ????? ???? ????? ?? ??? ????, ???? ?? ???? ????.
??? ?? ?? ??, ??? ??? ???? ?????? ???? ?? ??? ??? ????. ???? ??? ?? ??? ?????, ?? ??? ????? ??? ?? ??? ??? ???, ????? ?????? ???? ???? ???? ??? ??? ????. ??? ????, ?? 9? ??? ???? ????? ??? ? ?? ???? ? 4?? 3? ?? 12~18?? ?? ??? ??? ?? ?? ??? ??? ??? ?????, ? ? 3?? 1 ??? ??? ??
? ????? ?? ???? ??????.??
??? ??
??? ???? ??? ???????. ?? 2?? ?? ??? ???? ??? ????? ??? ?? ??, ??? ??? ????.
????? ??? ?? ?? ???? ???? ???? ??????. ????? ??? ????????(CMBS) ??? ??? ???? 2025? ?? ??? 1,200? ??? ??? 2007? ?? ?? ??? ?? ?????. ??, ?? ?? ??? ???? ?? ?? ??? ?? ?? ???? ????.?? ?? ?? ????? ????? ??? ?? ??? ???? ??? ????? ??? ?????? ??? ??????? ????. ????? ?? ??? ??????? ??? ??? ???? ???, ???? ???? 2025? 11??? ? 50? ??? ?? ??? ????, ???? ???? ? 400? ?? ??? ?????????.??
??, ?? ??? ???? ???? ???, ?? ??? ?? ??? ???. ??? ??? ??? ???????? ?? ??? DPI ??, ??·?? ?? ????? ??? ??? ?? ????. ?? ?? ??? ??? ???? ??? ???? ???·?? GP? ???, ???? ?? ?? ??? ?? ??? ??? ????(??)? ??? ? ?? ??? ???? ????.????? ??? ?? ??? ?? ??? ??? ??? ?? ?????. ?? ??? ?? ?????, ?
? ??? ?? ??? ?????(?? 7 ??). ?????? ????? ?? ??? ??? ?? 1?? ?? ???? ??? ??? ??? ??? ??? ????, ???? ??, ??, ?????, ???? ?????.
?? 7: ?? ?? ??
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??? ??? ?? ???? ??? ??? ??? ?????? ???? ?? ???? ?? ?? ?? ??????.
????? ???? ??? ???? ??? ??????? ???, ?? ? ??? ?? ???? ?????? ?????(?? 8 ??). ???? ???? ??? ??? ??? ?? ?????. ?? ??? 2016? ?? 87% ?????, ?? ??? ?? ?? ????? ????, ?? ??? ??? ??? ?? ?????? ??? ???? ????. ??? ??? ?????? ?? ?? ??? ? 30% ?????, ?? 10?? ?? ??? ??? ?????, ?????(NOI)
? ??? ???? ?? ???? ????? ???? ????.??
??, ???? ????? ??? ????? ?? ??? ????? ???? ????. ?? 5? ????1,500? ? ??? ???? ??? 70~85? ??? ??? ??? ?????. ??? ??? ?? ??? ??? ?? ??? ?? ??? ?????. 2030????? ?? ??? ?? ??? 3?? 1?? ? ?? ?????. ?? ??, ?? ??, ?? ??? ??? ? ?? ?? ???? ???? ????? ?? ??? ??? ???, ???? ??? ??? ???? ???
? ?? ?? ??? ?? ???? ?????. ????? ??? ??? ?? ??? ?? ??? ? ????? ???? ?? ??? ???? ? ??? NOI ??? ??? ?? ? ??? ? ?? ????.
?? 8: ?? ????? ??? ??? ??
????? ?? ??? ??? ????? ??????? ????? ?? ??? ???? ????.2010? ?? ?? ??? ???? ?? ?? ????20%p ?????, ??? ?? ??? ? ???? ?? ????? ?? ?? ??? ?? ?? ????.????? ?? ??? 80% ??? 50? ?? ? ????,?? ?? ? ??? ???? ??? 2%? ??? ??? 41%? ? ??? ????.??
??, ?? ??? ?? ?? ?????. ?? ??, ??? ??, ?? ??? ???, ???? ??? ????? ??? ?? ?? ??? 2022? ?? 70% ??????.??
??? ??? ?? ?? ??? ?? ???? ??·??·???? ???? ??? ??? ??? ? ?? ???? ??? ?????.
???·??? ???? ??? ???, ?? ??????? ?? ??? ?? ?? ??? ??? ????.??? ?? ?? ???, ??? ????? ????2050??? 3? 5,000? ?? ??? ??? ??? ?? ??? ??? ??? ?????.?? ??? ????? ???? ????? ???? ???? ???? ??, ?? ??? ? 70%? ??? ???? ? ??? ??? ?? ??? ???? ??? ??? ?????.??
?? ? ?????
??, ??, ????? ??? ??? ???? ?????? ??? ?????? ?? ???? ??? ?? ?? ? ??? ??? ????. ??? ??? ??? ?? ???? ??? ????? ????.
???? ???? ???? ??? ??, ??, ?? ??? ??? ? ??? ?? ???? ????. ??????? ?? ??? ?????. ??, ??, ???·??? ???? ??? ?? ????? ???? ???, ? ??? ??? ???? ??? ??? ????.
???·??? ?? ??? ??? ??? ?? ???? ????? 2019? ?? ?????, 2024? ? ??? ???? ???? 13% ??????.?? ?? ?? ?? ????? ?? ??? ??? ?? AI ?? ????? ??? ??? ???? ???? ?, ???? ??? ???? ????.
???????? ?? ??? ??? ?? ??? ??? ???? ???? ??? ? ???? ??? ?? ????. ??? ??? ?? ???? ?? ????? ??? ??? ?????. ?? ??? ???????? ????? ??? ???? ??? ???? ????. ? ????? ?? ????? ???? ??? AI ??? ??? ????? ??? ???? ???, ? ?? ?? ??? ?? ?? ?? ???
?? ?????. ??? ?? ? ???? ???????? ??? ?? ?? ???? ??? ?????????? ????? ?????, ???? ?? ????? ?? 1.5? ??? ???? ??? ??????.19
??? ?? ??, ?? ????? ?? ??? ????????. ???? ???? ????? ??? ???? ????, ???? ??? ????? ???? ??????. ??, ?? ???? ?? ?? ??????, ??, ??? ???? ??? ????? ?????. ???? ??? ??? ???? ?? ???? ?? ???? ? ???? ?? ???? ?? ??????.
??, ??, ????? ?????? ???? ??? ?????? ?????? ?? ??????? ?? ?? ? ??? ???????.
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? ????? ?? ??? ??? ??? ?? ?? ??? ??, ??? ?? ??? ??????. ?? ?? ??? ??? ??? ?? ?? ??? ?????RevPAR ??? ???? ??? ?? ??? ????? ????.
???·??? ??? ??? ??? ?? ?? ???.?? ??, ??? ?? 15?? ??? ?? 4?? ??????. ???·??? ?? ??? ?? ??? 2025??? 2030??? ??? 8.9% ??? ??? ?????, ?? ?? ?? ?? ??? ?? ?? ?? ????? ??? ?????.??
????? ??? ?? ??? ????? ??? ??? ?? ???? ???? ????. ?? ?? ??? ?? ? ???? ???? ??? ???, ??? ???? ?? ??? ? 80%? ?? ??? ??
?? ?? ? ?? ???? ?????.?? ??? ??? ??? ?? ?? ?? ??? ?????. ??, ??? ??? ??? ???? ?? ?? ???? ?????? ?????, ?? ??? ???? ??? ???? ??? ??? ???? ??? ????, ?????? ???? ??? ?? ??? ????? ????.
??? ????? ?? ??? ?? ?? ??? ???? ??? ?? ?? ??? ?? ??? ????.
?? ?? ???
2026?? ???? ??, ????? ???? ???? ???? ???, ????? ?? ??? ????? ??? ??? ??? ?? ??? ????? ????.
? ?? ??? ???? ?? ?????? ?? ???? ??? ???? ?? ?? ??? ??? ?? ??? ??, ??? ?? ?? ???? ??? ??? ??? ??? ??? ????.
??? ??? ???? ?? ?? ??? ??? ???? ??? ???? ??? ??·?? ??? ???? ?? ??? ?????. ??? ??? ?? ??????? ?? ??? ?????, ???? ??? ?? ??? ??? ?? ?? ?? ??????.?, ??? ???? ?? ??? ???? ??, ?? ??? ? ?? ??? ?????.
Endnotes
- Deloitte, “2026 Commercial Real Estate Outlook,” September 2025.
- Trepp, October 2025.
- Brookfield internal data, as of November 2025.
- CoStar, 2024; Green Street, 2024 & 2025.
- John Burns, 2025.
- M&G Real Estate based on Eurostat, March 2025; Syswov, March 2025. Data based on 11 Continental European markets.
- European Commission Joint Research Centre Data Catalogue, 2023.
- Savills, Q2 2025; UBS, March 2025; British Property Federation, May 2025.
- Global Change Data Lab, “Our World in Data,” 2024.
- Alphaliner, “Notable Container Shipping News: September 2025,” October 7, 2025.
- Prior performance is not indicative of future results and there can be no guarantee that the funds, future funds or their respective investments will achieve comparable results or be able to avoid losses.
- Statista, 2025; Euromonitor, 2024.
- Savills, Q2 2025.
Disclosures
This commentary and the information contained herein are for educational and informational purposes only and do not constitute, and should not be construed as, an offer to sell, a solicitation of an offer to buy, or an advertisement for, any securities, related financial instruments or investment advisory services. This commentary discusses broad market, industry or sector trends, or other general economic or market conditions. It is not intended to provide an overview of the terms applicable to any products sponsored by Brookfield Asset Management Ltd. and its affiliates (together, “Brookfield”).
This commentary contains information and views as of the date indicated and such information and views are subject to change without notice. Certain of the information provided herein has been prepared based on Brookfield’s internal research and certain information is based on various assumptions made by Brookfield, any of which may prove to be incorrect. Brookfield may have not verified (and disclaims any obligation to verify) the accuracy or completeness of any information included herein including information that has been provided by third parties and you cannot rely on Brookfield as having verified such information. The information provided herein reflects Brookfield’s perspectives and beliefs.
Investors should consult with their advisors prior to making an investment in any fund or program, including a Brookfield-sponsored fund or program.
