Single-family offices entered 2026 increasing their tilt toward direct real estate ownership, according to surveys of allocators across North America and Europe.

The shift reflects a preference for control, deal-by-deal underwriting and tax-efficient structures over commingled fund vehicles. Multi-asset offices in particular are layering income-producing properties alongside selective value-add and development plays.

Allocators highlight downtown Phoenix, the Sun Belt logistics corridor and select Midwestern industrial markets as 2026 watch-list metros, citing rent stability and lower entry pricing than coastal gateways.

Capital is migrating toward GP-equity programs, where family offices help sponsors meet co-invest requirements in exchange for fees and promote economics that mirror direct ownership.