THE COMEBACK (PwC Global Family Office Deals Study 2025):
Real estate: 39% of allocations (H1 2025) — up from 26% (H2 2023)
Apartment complexes and land development dominate
Aggregate deal value: $2.1B → $7.5B (257% increase)
Deal volume: 2,804 in H1 2025 (down from 5,193 peak in H2 2021)
Club deals: 69% of all family office investments
Canadian family offices: 72% of transactions are club deals
2026 TAILWINDS:
The One Big Beautiful Bill Act (passed July 2025) restored 100% bonus depreciation.
“This gives family office real estate investments tailwinds in 2026.” – John Boyd, The Boyd Co.
Expect investments in:
Data centers
Logistics
Energy
Mixed-use housing developments
WHERE THEY’RE BUYING:
Multifamily: Still the darling
Industrial: E-commerce + AI demand
Data centres: 100% of new pipeline already pre-leased in 9 major markets
Residential: Affordable housing creating significant capital requirements
THE PRIVATE CREDIT WARNING:
Some family offices are getting cautious:
“I don’t know if it’s next year or if it’s in 2027, but a dislocation will come.” – Tom Davis, Brown Brothers Harriman
Investors are starting to pursue distressed opportunities “because people have gotten too aggressive going into private credit.”
Are you rotating into real estate or waiting for the dislocation?
SOURCES:
“Family Office Deals Study” — PwC
https://lnkd.in/euV9P5nM
“Family Offices’ Investment Strategies – A New PwC Study” — Family Wealth Report
https://lnkd.in/eCKi3-UJ
“What to expect in 2026 for family offices” — Crain Currency
https://lnkd.in/ejkXyZcW
“Here’s what to expect for commercial real estate in 2026” — CNBC
https://lnkd.in/eFJHAMeF