ISA Outlook 2025: Europe chapter

While dawn is universal, across Europe it can appear different from each location and every angle. European real estate is transiting inflection points following a deep capital market correction. The INREV ODCE index shifted in the latest quarter from declines to positive after seven down quarters. Against this backdrop, we share our Impressions of a Rising Cycle in Europe, with a focus on what makes the region different from others across the globe. We also share our five key strategy themes for investors in European real estate for the year ahead. Contributors: Dan Mahoney Europe Head of Research and Strategy Dominic Silman, PhD Europe Head of Debt and Value-add Capital Research and Strategy Petra Blazkova Europe Head of Core and Core-plus Research and Strategy