It is proved that the commutative algebra
A of operators on a reflexive real Banach space has an invariant subspace if each operator
T ∈
A satisfies the condition
$${left| {1 - varepsilon {T^2}} right|_e} leqslant 1 + oleft( varepsilon right)asvarepsilon searrow 0,$$
where ║ · ║
e denotes the essential norm. This implies the existence of an invariant subspace for any commutative family of essentially self-adjoint operators on a real Hilbert space.