Institutional investors lined up in Q4 for an estimated $20B in withdrawals from core real estate equity funds, according to IDR Investment Management, which tracks an index of open-end diversified core equity (ODCE) funds holding an estimated $350B in assets.

In a stampede last seen during the Great Recession in 2009, institutional investors have rushed to limit their exposure to a bevy of big-ticket core equity funds managed by JPMorgan Chase, Morgan Stanley and Prudential Financial, among others, as property values decline, Bloomberg reported.

IDR's index of ODCE funds—known as NCREIF—dropped 5% in December. The redemption rush is prompting some core funds to attempt to sell their most liquid assets, amplifying headwinds, even in the most resilient CRE sectors, the report said.