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Analysis

CRE Pledges from US Pensions Drop 50%

Pensions favored higher-yield, opportunistic plays in 2023.

Pledges to commercial real estate vehicles from U.S. pensions plunged by 50% in 2023 to about $33B, down from $65B the previous year, which was a record.

The tally from commitments to funds and separate accounts last year was the lowest since 2013, when pensions gave less than $28B to CRE and the fourth-lowest total since Ferguson Partners began tracking the sector in 2011, according to a Green Street alert.

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Jack Rogers

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