Private core real estate in the U.S. posted a 4.9% trailing four-quarter total return, driven mainly by income, with stable capital values. All major property types saw positive returns, led by Retail and Residential, while Industrial was moderate and Office gradually recovered. The West underperformed due to coastal market conditions, whereas the Midwest and South showed stronger results. Vacancy rates stayed below long-term averages, though income growth slowed.

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Private core real estate in the U.S. posted a 4.9% trailing four-quarter total return, driven mainly by income, with stable capital values. All major property

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