ab 6 November 2025 Global Research Global Real Estate Strategy Momentum fades as macro data weigh Month in review The global real estate index declined 1.5% last month, underperforming global equities by 390bps. Despite a positive earnings season marked by guidance upgrades, the underperformance is mostly related to the Fed jitters on future rate cuts. UBS continues to forecast a rate cut from the Fed at its next meeting in December. Regionally, Europe (+1.2%) outperformed, followed by US (-1.6%) and Asia ( ...