* F W S N S L X 5 W J X J S Y F Y N T S
8 J H T S I 6 Z F W Y J W
2 $ 2 0 1
8 J H T S I V Z F W Y J W N S I Z X Y W ^ M N L M Q N L M Y X
Capital markets industry highlights
Benchmark yields, 2006 - June 2025
Real estate investment volumes by region, 2007 - Q2 2025
Direct investment volumes (US$ billion)
7%
6%
5%
4%
3%
2%
1%
0%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Q2 2023
Q2 2024
Q2 2025
-1%
1M SOFR
Euro Area 10-year Government Bond Yields
1,400
Asia Pacific EMEA Americas
1,275
1,075
884
615
713
155 157 179
1,200
1,000
800
600
400
200
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0
Second Quarter Highlights
-
The pace of growth in global direct investment moderated in the second quarter to 13% local currency (14% USD) from 36% local currency (30% USD) in Q1 2025 as geopolitics, trade policy and fiscal uncertainty impacted investor sentiment.
-
Growth in the quarter was across all three regions, with Americas investment activity up 19% local currency (18% USD), Asia Pacific up 17% local currency (15% USD) and EMEA up 3% local currency (6% USD).
-
Debt markets remained resilient, with debt originations outpacing growth in direct transactions for the quarter as increased refinancing activity continued.
Notes:
-
Source: JLL Research, July 2025, FRED Economic Data; Benchmark yields data as of June 2025
-
Real estate investment includes office, multifamily residential, retail, hotels, industrial, mixed use, healthcare and alternatives sectors. Excludes entity-level and development transactions. 4 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved.
Capital markets industry trends
Dry powder in closed-end funds, 2007 - 2024
$729
$665
$676
$593 $585
$168
800
Quarterly investment volumes by sector, Q2 2023 - Q2 2025
Living / Multi-housing Office Industrial & Logistics Retail Hotels & Hospitality
600
100
US$ Billions
US$ Billions
75
400
50
200
25
0 0
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Q2
2022
Q3 2022
Q4 2022
Q1 2022
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Global fundraising for closed-end funds Share of investment volume by sector
300
250
US$ Billions
200
150
100
50
0
100%
$266 $246
$206
$171 $182
49
46
30
41
27
24
37
47
35
$57
$73
24
$89 $102
35
48
33
12
13
14
13
47
19
16 18
20 16 18
47
30
25
11
45
20
27
31
46
32
42
29
65
24
55
27
53
39
43
62
$183
46
37
99
73
$144 $143
$153 $149
$113 $123
66
47
$162
40
30
$125
19
24
48
62
45
72
18
41
29
47 47
38
56 54
69
23
$89
49
36 40
22
18
46
75%
50%
25%
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
H1 2025
0%
5%
7%
24%
5%
8%
20%
6%
7%
15%
4%
10%
6%
14%
5%
7%
7%
15%
6%
8%
15%
6%
7%
15%
25%
24%
35%
21%
21%
23%
39%
37%
22%
20%
24%
24%
21%
14%
10%
15%
10%
20%
23%
33%
31%
26%
27%
28%
5%
2010 2015 2018 2021 2022 2023 2024 H1 2025
Notes:
Q1
Living / Multi-housing Industrial & Logistics Office Retail Hotels & Hospitality Other
-
Source: JLL Research, July 2025, Preqin, as of July 17, 2025; Upward revisions to prior years dry powder were made in July 2025 by Preqin 5 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved.
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Jones Lang LaSalle Inc. published this content on August 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 06, 2025 at 11:41 UTC.
