The world's wealthiest individuals are deepening their dominance in commercial real estate, stepping in as institutional investors retreat amid high borrowing costs. Leading the charge is Amancio Ortega, founder of Zara and majority owner of Inditex.
According to Bloomberg, Ortega invested over $1.5 billion in 2025, acquiring at least 10 commercial properties across North America and Europe. His family office, Pontegadea, has focused on prime, income-generating assets. One key deal included a Vancouver office complex leased to Amazon for about $780 million.
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The trend extends beyond Ortega. Data from Knight Frank shows private investors deployed $464 billion into commercial real estate in 2025, surpassing the $347 billion invested by institutions — marking the fourth straight year of such dominance.
This shift began after 2022, when rising interest rates forced institutional players to scale back. In contrast, billionaires with long-term strategies and strong liquidity moved in to acquire assets at discounted valuations.
Other notable deals include Larry Ellison purchasing a London office at a reduced price and Greg Flynn investing in San Francisco office towers hit by pandemic-era vacancies.
Industrial assets, offices and rental housing remain top investment targets. Meanwhile, the boom in artificial intelligence has driven a 36% surge in data centre investments, creating a new class of digital infrastructure-focused real estate players.
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Real estate accounts for about 11% of ultra-wealthy portfolios, valued for “stable income, inflation protection and long-term growth.” However, risks remain. Naguib Sawiris recently cut the price of a London penthouse after failing to find a buyer, while Pontegadea agreed to sell a Manhattan office asset at a steep loss.
Despite this, Ortega's liquidity remains strong, with Bloomberg estimating €3.2 billion in dividends from Inditex this year — fueling further expansion.
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