Msci Inc. · NYSE:MSCI
Msci — Investor Presentation (September 2026)
21 slides from Msci's investor presentation, Sep 10, 2026
Slide 1: Defining and Benchmarking the Global RE Market
Defining and Benchmarking the Global RE Market September 10, 2026 Bryan Reid © 2026 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.
Slide 2: Global Private Real Estate Market Size 2026
Global Private Real Research paper link Estate Market Size 2026 Exploring the latest research on the size and composition of the global private real estate investable universe Information Classification: GENERAL
Slide 3: Key takeaways
All three regions Key takeaways showed growth. 4.8% AMERICAS Office remained the largest global sector, but its share continued to shrink. EMEA expanded 16.2% to USD 4.5 trillion, the Americas 16.2% Offices represented 26.8% of the global market in 2025, down from 27.2% the prior year. The sector re
Slide 4: Comparing across regions
Comparing Regional overview across Based on latest available data as of December 2025. Same store corresponds to the set of funds that contributed to the market-size analysis in both previous and current periods. Source: KTI (Finland), MSCI regions Y-O-Y CHANGE Y-O-Y SAME-STORE CHANGE CURRENCY IMPAC
Slide 5: A recovery in the market size
A recovery in Size of the professionally managed real-estate market since 2006 the market Based on latest available data as of December 2025. Source: KTI (Finland), MSCI United States United Kingdom Japan Germany size China Other markets Market size (USD bn) 16,000 14,000 The U.S. market, with a siz
Slide 6: Why bottom-up matters
Why bottom- Estimated market size per capita relative to GDP per capita, 2025 up matters Based on latest available data as of December 2025. Source: World Bank, KTI (Finland), MSCI Real-estate market size per capita (USD) APAC Americas EMEA 60,000 50,000 In this chart, we compare real-estate market
Slide 7: Transparency in an opaque asset class
Transparency in an Country rankings — MSCI market-size weights and JLL Global Real Estate Transparency Index ranks opaque asset class Based on latest available data as of December 2025. Source: JLL Global Real Estate Transparency Index 2024, KTI (Finland), MSCI MSCI weight rank, 2025 40 35 30 25 20
Slide 8: Shifting sector allocations
Shifting sector Property-sector composition of regions and global market allocations Based on latest available data as of December 2025. Undisclosed property types not included in the sector-composition analysis. Source: KTI (Finland), MSCI Retail Office Industrial Residential Hotel Healthcare Other
Slide 9: Diversity of access paths
Diversity of Market size by portfolio type access paths Based on latest available data as of December 2025. Source: MSCI REIT USD 2.5 T Listed REOC USD 0.9 T USD 5.3 T Funds USD 0.1 T Corporates USD 1.8 T Core USD 1.4 T Open The portfolios in the analysis are classified as either listed USD 1.8 T or
Slide 10: The new MSCI All Private Real Estate Funds Index
The new MSCI All Blog link Private Real Estate Funds Index A broader view of performance across the global private real estate investable universe Information Classification: GENERAL
Slide 11: The "ACWI" of private real estate funds
The “ACWI” of Holdings locations private real estate funds → The index tracks the performance of 1,357 global private real estate funds, with a Net Asset Value of USD 966 billion as at March 2026. NAV weight by fund domicile 0% 20% 40% 60% 80% 100% APAC (12%) Europe (19%) North America (64%) Other (
Slide 12: Full spectrum strategy coverage
Strategy brekdown Cumulative index performance Net total return (Dec 2007 = 100) Full spectrum 250 strategy coverage 200 → The MSCI All Private Real Estate Fund Core 150 Index measures the total return Core+ performance of institutional private Value-add real estate funds across the full spectrum of
Slide 13: Why this index matters
Why this index “…benchmark selection in matters real asset markets is highly discretionary and often weakly connected to underlying portfolio risk, reducing transparency and complicating delegated performance evaluation." Carlo, A., Eichholtz, P., Kok, N. et al. How High is the Bar? Pension Fund Ben
Slide 14: Most Common CRE Benchmarks for U.S. Public Pension Plans
Most Common CRE Benchmarks for U.S. Public CRE AUM Pension Plans → Common benchmarks for U.S. plans include the MSCI/PREA Fund Count MSCI/PREA U.S. ACOE Quarterly Property Fund Index, the NCREIF Open- end Diversified Diversified Core Equity (ODCE) fund index and ODCE the NCREIF Property Index (NPI).
Slide 15: Near-term pain, long-run premium: The gap in strategy returns
9% Near-term pain, 8% long-run 7% premium: The 6% gap in strategy returns 5% 4% → Not all strategies have felt the recent downturn equally. Lower- 3% risk strategies have demonstrated relative resilience, delivering annualized total 2% returns of 3.8% and 3.1%, respectively, in the year to March 1%
Slide 16: Timing matters in a cyclical asset class
Rolling 12m total returns Timing matters 40% in a cyclical 30% asset class 20% 10% 0% → Private real estate doesn’t move in straight lines, and the same -10% strategy can look very different depending on when capital was deployed, when assets were -20% acquired and when funds were benchmarked. -30%
Slide 17: Investor preferences appear to have been shifting
RCA Funds vintage-strategy breakdown Investor 100% preferences 90% appear to have 80% been shifting 70% 60% → Data from RCA funds suggests that investors have been rotating 50% away from core strategies towards non-core in recent years. 40% 30% 20% 10% 0% 2020 2021 2022 2023 2024 2025 2026 Core Core
Slide 18: Q&A
APRE blog Market size paper Q&A Information Classification: GENERAL
Slide 19: Contact
Contact Americas Asia Pacific Europe, Middle East & Africa The process for submitting a formal index United States China South Africa complaint can be found on the index page +1 888 588 4567 (toll free) +86 21 61326611 + 27 21 673 0103 of MSCI’s website at: https://www.msci.com/index-regulation Cana
Slide 20: About Us
About Us About MSCI MSCI Inc. (NYSE: MSCI) strengthens global markets by connecting participants across the financial ecosystem with a common language. Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand
Slide 21: Notice and Disclaimer
Notice and Disclaimer The data, data feeds, databases, reports, text, graphs, charts, images, videos, recordings, models, metrics, analytics, indexes, ratings, scores, The Information does not constitute, and must not be relied upon as, investment advice, credit ratings, or proxy advisory or voting