Assertion Supported AI assessment confidence: 95% certainty 4/5 debate potential 1/5

Khoury: 90% of US Real Estate Is Privately Owned

John Khoury · John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474) · Dec 1, 2025 · at 11:19

John Khoury, founder of Long Pond Capital, discusses the structural makeup of the US commercial real estate market with Ted Seides.

0:00 / 0:08exact quote · 8.2s

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“90% of real estate in this country is owned outside of the public market. So you've got 10% of the market that trades publicly.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

Ninety percent of US real estate is privately owned, with only 10% trading publicly.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

Industry sizing studies and macroeconomic real estate data consistently show that approximately 90% of U.S. commercial real estate is held outside public markets, with publicly traded equity REITs representing approximately 9% to 11%. Nareit's market sizing studies estimated public REITs accounted for 9.4% of the total commercial real estate market (with 90.6% privately held), while a Q4 2024 analysis by Clarion Partners, Franklin Templeton, CBRE, and Nareit pegged the split at 89% private ($11.7 trillion) versus 11% public REITs ($1.4 trillion). Blackstone research similarly estimates that over 90% of U.S. commercial real estate is privately held. When including broader residential real estate, the private share is even higher.

Nareit Commercial Real Estate Market Sizing Study found public REIT holdings represented 9.4% of total U.S. CRE value, with 90.6% privately held.
Clarion Partners, CBRE, and Nareit Q4 2024 data calculated U.S. commercial real estate at $13.1 trillion, with 89% ($11.7T) held privately and 11% ($1.4T) in publicly traded REITs.
Blackstone Asset Management research confirms that more than 90% of U.S. commercial real estate is privately owned, with public markets accounting for under 10%.

Checked against

[1] reit.com [2] franklintempleton.com [3] reit.com [4] blackstone.com

"publicly traded" commercial real estate percentage "privately" REITs NAREIT 10 percent OR 90 percent total US commercial real estate market size public REITs share NAREIT

assessed as of 2026-09-02

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

public markets real estate in this country

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