The US recovery remains strong at the aggregate level, with investment reaching US$131bn in Q2, up 20% y/y. However, growth is increasingly concentrated in larger portfolios, M&A and platform deals, particularly across operational sectors where scale and specialist management matter.

Sector performance is highly uneven. Senior housing, self-storage and data centres are attracting strong capital flows, supported by structural demand and a clear route to scale. Industrial remains the strongest core sector, while office is recovering selectively in gateway markets. Multifamily is stable but constrained by supply pressures, and retail activity is increasingly focused on necessity-anchored assets.

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