Real Estate & Construction
The real estate and construction sector shows divergent fortunes this quarter, with equipment specialists like Jet Plant Hire and homebuilders such as Gleeson Homes posting scores well into the nineties, while residential landlords including AvalonBay Communities Inc and Great Portland Estates continue to struggle below forty. The 129 canonical disclosures on file paint a portrait of a sector in which operational specialisation and service intensity matter far more than asset class alone.
The headline
The 129 disclosures yield a sector average of 69.5 and a median of 73.0, trailing the broader corpus median of 74 by a single point. That modest shortfall masks considerable internal variation: the top quartile routinely exceeds 85, while a tail of residential landlords, public housing authorities, and REIT operators weighs on the distribution. The sector's performance is neither crisis nor triumph—it reflects the operational reality of long transaction cycles, capital intensity, and the difficulty of delighting customers in businesses where switching costs are high and relationships are often adversarial.
Real estate and construction encompasses everything from white-glove brokerage and title services to mass-market apartment management and public housing administration. The range of business models and customer expectations makes sector-wide generalisations hazardous, but one pattern holds: companies that compete on service delivery and relationship management consistently outperform those that compete primarily on asset ownership or price.
NPS evolution
The time series reveals a volatile trajectory. After a 2019 trough at 64.3, scores climbed through the pandemic to peak at 75.4 in 2021, then retreated sharply in 2023 to 55.6 before rebounding to 75.5 in 2025. This year's median of 68.0 represents a pullback from last year's high-water mark, driven by a surge in disclosure volume that has brought more mid-tier and struggling operators into the dataset.
Disclosure volume
Disclosure activity has accelerated sharply. The sector published 37 canonical disclosures in 2026 year-to-date, already exceeding the full-year totals for every year prior to 2025. The 26 disclosures recorded in 2025 represented a step-change from the single-digit annual counts of 2022 and 2023, and this year's pace suggests transparency is becoming table stakes rather than a differentiator.
Company stories
Colliers' late-2025 leap
Colliers recorded the largest swing in the dataset, jumping 24 points from 73.0 to 97.0 between two disclosures separated by just two days in late November 2025. The timing—clustered within a single reporting window—suggests a data or methodology revision rather than an operational transformation, but the final 97.0 figure places Colliers among the sector's elite performers. The commercial real estate services firm joins JLL and JLL APAC, both of which posted perfect 100.0 scores in January 2025, as evidence that advisory-led business models can deliver exceptional loyalty when execution is sharp.
Recent standouts
Jet Plant Hire's September disclosure of 96.0 underscores the potential in construction equipment rental, a segment where uptime, reliability, and responsive service command premiums. Gleeson Homes reported 88.9 alongside a 100 per cent customer satisfaction rating on 15 September, a reminder that volume homebuilders can achieve loyalty through quality and transparency. Matic, a marketplace player, maintains a 90.0 score while delivering over $900 in average customer savings—proof that technology-enabled intermediaries can disrupt incumbents on both price and experience.
Persistent negatives
Fairfield Glade remains the dataset's only negative score, at –26.7 in October 2023. The community developer's sub-zero result is an outlier, but the cluster of low performers is revealing. Great Portland Estates logged 29.7 in two separate 2026 disclosures, AvalonBay Communities Inc scored 34.0 in February, and Abacus Group recorded 35.0 in August despite describing it as an improvement. Office and residential landlords face structural headwinds: tenants view them as cost centres, not service partners, and satisfaction is often inversely correlated with rent growth.
Fresh in 2026
The most recent wave of disclosures includes several noteworthy developments beyond the headline scores:
- Knight Frank and TPO (The Property Ombudsman) both reported dramatic turnarounds, with scores rising from –3 to 65 and first-time resolution rates climbing from 40 per cent to 90 per cent.
- Majid Al Futtaim lifted its NPS four points to 58.3 through sustained service investments, a modest gain that reflects the difficulty of moving the needle in retail real estate.
- CoStar Group disclosed a score near 68.0 in its Q2 earnings, positioning the data and analytics provider in line with the sector median.
- Opendoor Technologies reached 80.0 in July, up from 70.0 in early 2021, demonstrating that iBuyer models can sustain loyalty even as transaction volumes fluctuate.
Older nuggets worth a second look
The dataset contains no pre-2018 disclosures, a stark reminder that systematic NPS reporting in real estate and construction is a relatively recent phenomenon. The sector's transparency culture lags that of technology, financial services, and consumer retail by several years.
- The absence of historical data limits longitudinal analysis and makes it difficult to assess whether recent volatility represents cyclical noise or structural change.
- Early adopters like Reedy Industries (Choice Mechanical), which posted 100.0 in March 2022, remain isolated examples rather than harbingers of sector-wide practice.
- Berkshire Hathaway HomeServices Professional Realty scored 95.67 in May 2021, evidence that franchise-based brokerage models can achieve high loyalty when local execution is strong.
- Brian R. Jessen, a smaller operator, recorded 98.7 in August 2023, suggesting that boutique players can outperform larger rivals on customer intimacy.