Not all ASX REITs are created equal.
Which is why we were quick to snap up the report on the outlook for Aussie real estate investment trusts, just out from Macquarie Group Ltd (ASX: MQG).
In analysing Australia's listed property sector, Macquarie reviewed the fourth quarter (4Q 2025) commercial property data from JLL.
And the broker named its four key picks among the ASX REITs, all of which are tipped to outperform.
What's happening in Australia's commercial property markets
On the retail front, Macquarie maintained a neutral rating on ASX REITs with strong retail exposure.
The broker noted that retail rents were broadly stable, while Black Fortnight data was mixed.
"We view the retail sector as fully valued, with most groups trading close to or at a premium to NTA," Macquarie said.
Industrial rents were on the rise, however, although the supply pipeline was said to remain elevated.
According to the broker:
Market fundamentals for industrial improved in 4Q25, with modest face rental growth combined with flat to declining incentives… The 2025 supply pipeline is elevated at c. +27% above the longrun average with 2026/27 supply expected to be higher.
On the office front, Macquarie said the data points continue to recover.
"Net absorption was positive across all major cities, accelerating at a national level and running at 1.8x the quarterly and annual average," Macquarie said. "We advocate for a rotation into office based on an anticipated gradual recovery in income fundamentals and stocks trading at discounts to book."
ASX REITs forecast to leap 14% to 73%
The first real estate investment trust that Macquarie expects to outperform is Mirvac Group (ASX: MGR).
The broker noted that the ASX REIT has "office exposure in our preferred precincts, where we think the fundamental outlook is more favourable. The data is supportive of this thematic with the three major cities seeing negative net absorption in secondary."
Mirvac shares are up 8.8% in 2025, currently trading for $2.05 apiece. Mirvac also trades on a 4.4% unfranked dividend yield.
Macquarie has a 12-month price target of $2.70 for Mirvac, which represents a potential upside of almost 32% from current levels.
The second ASX REIT you may want to buy today is Goodman Group (ASX: GMG).
Goodman shares are down 18.4% in 2025, trading for $29.39 each. The ASX stock also trades on 1.0% unfranked dividend yield.
And Macquarie expects a much better year ahead, with a 12-month price target of $34.73 on Goodman shares, more than 18% above current levels.
The third Aussie real estate investment trust forecast for outsized gains is DigiCo Infrastructure REIT (ASX: DGT).
Currently trading for $2.40 each, DigiCo shares are down 45.7% year to date and trade on 7.0% unfranked dividend yield.
Macquarie forecasts a big turnaround for DigiCo with a $4.16 a share 12-month price target. That's more than 73% above current levels. And it doesn't include that juicy dividend yield.
Which brings us to the fourth ASX REIT Macquarie tips to outperform, GPT Group (ASX: GPT).
GPT shares have surged 23.5% year to date and are currently trading for $5.46 each. GPT stock trades on a 4.4% unfranked dividend yield.
And Macquarie expects shares to gain another 14% in 2026, with a 12-month price target of $6.23 a share.
