Amid rising ultra‑wealth and a cooling commercial property market, family offices are increasingly directing capital into real estate, signalling a pivotal shift in how multigenerational wealth is preserved and deployed in a changing financial landscape.
The surge in ultra‑wealth and a cooling commercial property market are prompting a fresh wave of family offices to steer capital into real estate, reshaping how wealthy families preserve and deploy multigenerational wealth.
According to the original report, younger generations are poised to inherit nearly $106 trillion in family assets through 2048, while a new cohort of tech and crypto entrepreneurs has produced additional billionaires. That combination has swollen the ranks of high‑net‑worth individuals: industry data shows North America hosted more than 970,000 people worth over $10 million in 2024, with that figure projected to pass one million by 2028. Billionaires in the United States now control an outsized share of global private wealth.
As property values have softened from a 2021 peak and investment volumes have retraced, family offices are increasingly viewing direct real estate as a refuge. The lead article reports that direct property already comprises roughly 22.5% of the average family office portfolio, and a significant share , 44% in one survey , are planning to lift allocations to real estate as markets stabilise and borrowing costs ease.
That demand is both institutional and bespoke. Large asset managers have raced to amass capital for real estate strategies, but family offices increasingly prefer tailored arrangements that reflect tax, governance and legacy priorities. “We’re seeing more and more family offices that previously would have gone to the biggest and best manager,” one industry executive said, noting families now seek managers who understand their decision‑making styles and long‑term objectives. For some founders, tax‑efficient structures such as 1031 exchanges and restored bonus depreciation have reinforced the appeal of property investments.
The trend is visible at scale: Deloitte estimates more than 8,000 single‑family offices worldwide in 2024, rising from about 6,100 in 2019, and forecasts that number will top 10,700 by 2030. Other industry surveys and reports similarly note rapid expansion , and divergent estimates , underscoring that the family office sector is large, fast‑growing and difficult to quantify precisely. UBS and other advisers report family offices are also rebalancing portfolios toward developed‑market fixed income and structured real assets as part of broader risk management.
Family offices are not just deploying capital individually; many are pooling resources. According to market participants, some families are forming funds to permit indirect investing by friends and allied offices, while larger single‑family platforms have raised dedicated real estate pools. Examples cited include family‑backed real estate credit vehicles and firms raising hundreds of millions for property strategies, illustrating both the scale and the variety of approaches now in play.
Smaller, family‑run firms are likewise active. The original report profiles families repurposing legacy businesses into private equity or brokerage arms to service internal and peer capital, and using 1031 exchanges and other tax tools to convert holdings into multifamily and income‑producing assets. For many families, maintaining a degree of control over real estate investments matters as much as returns; tangible assets offer perceived permanence and estate planning advantages that align with long‑term preservation goals.
The net effect is a more decentralised real estate investor base. While institutional players remain pivotal, family offices , from large, professionally staffed single‑family platforms to smaller, networked groups , are emerging as pathfinders in the sector. Industry advisers caution that bespoke strategies require rigorous governance, alignment on liquidity and exit mechanics, and explicit tax planning if pooled vehicles and co‑investment structures are to succeed.
As the “Great Wealth Transfer” unfolds and fresh liquidity from technology and crypto fortunes reshapes private capital markets, family offices look set to be decisive actors in commercial real estate’s next chapter , deploying patient capital, demanding customised stewardship, and increasingly investing together to capture opportunities as valuations reset.
- https://www.bisnow.com/national/news/capital-markets/family-offices-lock-in-on-cre-as-a-new-generation-of-ultra-wealthy-emerges-132152 – Please view link – unable to able to access data
- https://www.cnbc.com/2024/03/08/family-offices-tripled-creating-a-new-gold-rush-on-wall-street.html – This article discusses the rapid growth of family offices worldwide, noting that their number has tripled since 2019, with over 4,500 family offices now in existence. North America leads with 1,682 family offices, managing over $6 trillion in assets. The surge is attributed to the increasing number of billionaires and high-net-worth individuals seeking dedicated wealth management solutions.
- https://www.deloitte.com/global/en/about/press-room/global-edition-explores-the-rapid-expansion-family-offices-and-ffers-vision-of-the-future-landscape.html – Deloitte’s report highlights the significant expansion of family offices, estimating 8,030 single-family offices globally in 2024, up from 6,130 in 2019. This number is projected to reach over 10,720 by 2030, a 75% increase. The report also notes that the total estimated wealth of families with family offices stands at $5.5 trillion, expected to grow to $9.5 trillion by 2030.
- https://www.forbes.com.au/news/investing/family-offices-to-reach-8-trillion-by-2030-asia-pacific-leads-growth/ – Forbes reports that family offices are set to surge by 75% by 2030, with assets under management (AUM) expected to rise to $5.4 trillion. North America will experience the greatest growth, but Asia-Pacific is projected to outpace the region in terms of speed. The article underscores the increasing influence of family offices in global wealth management.
- https://www.forbes.com/sites/francoisbotha/2025/03/02/the-family-office-market-does-size-matter/ – This article examines the challenges in quantifying the family office market, noting estimates ranging from 3,500 to 20,000 worldwide. Deloitte’s 2024 estimate of 8,030 family offices, growing at a compound annual growth rate (CAGR) of 4.8% to reach 10,720 by 2030, is highlighted. The piece also discusses factors driving growth, such as the rise in global wealth and the increasing complexity of managing substantial family fortunes.
- https://www.ubs.com/global/en/media/display-page-ndp/en-20240522-global-family-office-report-2024.html – UBS’s Global Family Office Report 2024 provides insights from 320 single-family offices across seven regions, representing families with an average net worth of $2.6 billion. The report indicates that family offices are rebalancing their portfolios, increasing allocations to developed market fixed income, and highlights the impact of operating businesses on asset allocation strategies.
- https://fortune.com/2025/02/12/family-offices-revolutionizing-wealth-when-start-one/ – Fortune discusses the booming family office industry, noting that over 8,000 single-family offices worldwide manage more than $3 trillion in assets. The article explores when it makes sense to establish a family office, emphasizing the growing influence of these entities in wealth management and their role in reshaping investment strategies.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative was published on December 3, 2025, and has not been found in earlier publications. While similar themes have been covered in recent months, this specific report appears to be original. The article includes updated data, such as the projected increase in high-net-worth individuals by 2028, which may justify a higher freshness score but should still be flagged. ([bisnow.com](https://www.bisnow.com/national/news/capital-markets/family-offices-lock-in-on-cre-as-a-new-generation-of-ultra-wealthy-emerges-132152?utm_source=openai))
Quotes check
Score:
9
Notes:
The direct quotes from industry executives, such as Adam Donahue of Newbrook Capital Properties, have not been found in earlier material, suggesting they are original or exclusive content. No identical quotes appear in earlier publications.
Source reliability
Score:
7
Notes:
The narrative originates from Bisnow, a reputable organisation known for its coverage of commercial real estate. However, it is a single-outlet narrative, which introduces some uncertainty.
Plausability check
Score:
8
Notes:
The claims about the growth in ultra-wealthy individuals and their interest in commercial real estate are plausible and align with recent industry trends. The article includes specific data points, such as the projected increase in high-net-worth individuals by 2028, which supports the narrative’s credibility. The language and tone are consistent with industry reporting.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative presents original content with specific data points and direct quotes that have not been found in earlier publications. While originating from a single outlet, the information aligns with recent industry trends and is presented in a credible manner.