Early negative returns followed by positive returns in a closed-end fund.

Early negative returns followed by positive returns in a closed-end fund.
Caused by management fees and acquisition costs hitting before NOI ramps.

J-curve

Investment · Global

Short definition

Early negative returns followed by positive returns in a closed-end fund.

Full definition

Caused by management fees and acquisition costs hitting before NOI ramps. Standard in years 1–2 of value-add funds. Recovers in years 3–5 as repositions stabilise.

Why this matters for Class A leasing

J-curve is part of the investment vocabulary that institutional Class A occupiers, landlords, and advisers use across Global markets. Understanding it correctly affects how you read lease documents, model occupancy economics, and benchmark deal terms across cities. Class A Atlas tracks regional variation alongside the global standard so cross-border occupiers can translate quickly.

Early negative returns followed by positive returns in a closed-end fund.

Early negative returns followed by positive returns in a closed-end fund.
Caused by management fees and acquisition costs hitting before NOI ramps.

J-curve

Investment · Global

Short definition

Early negative returns followed by positive returns in a closed-end fund.

Full definition

Caused by management fees and acquisition costs hitting before NOI ramps. Standard in years 1–2 of value-add funds. Recovers in years 3–5 as repositions stabilise.

Why this matters for Class A leasing

J-curve is part of the investment vocabulary that institutional Class A occupiers, landlords, and advisers use across Global markets. Understanding it correctly affects how you read lease documents, model occupancy economics, and benchmark deal terms across cities. Class A Atlas tracks regional variation alongside the global standard so cross-border occupiers can translate quickly.