{"id":1004085825,"date":"2013-10-28T09:04:46","date_gmt":"2013-10-28T17:04:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004085825"},"modified":"2022-12-01T15:26:30","modified_gmt":"2022-12-01T23:26:30","slug":"global-special-report-identifying-opportunities","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/global-special-report-identifying-opportunities\/","title":{"rendered":"Global Special Report: Identifying Opportunities"},"content":{"rendered":"

As the world\u2019s economies emerge from the Great Recession, investors are becoming more interested in revisiting crossborder real estate opportunities. With the possibilities varying by market, impacted in the short term by financial and political volatility and in the long term by demographic and economic trends, three experts on global real estate spoke with editorial director Suzann D. Silverman about what to expect. They include Peter Hobbs, managing director & head of research for IPD; Ray Torto, global chairman of research for CBRE Group Inc.; and Stephen Collins, international director with Jones Lang LaSalle Inc.<\/strong><\/p>\n

CPE:<\/strong><\/em> How does the U.S. real estate investment market compare to other markets around the world right now?<\/p>\n

\"CPE1013_global_Peter<\/a>HOBBS:<\/em><\/strong> I think we need to look at both where they are in the cycle but also structurally. On both counts, the U.S. is very well placed. Structurally, it\u2019s one of the most sophisticated, liquid, mature, transparent markets in the world, which reduces risks for investors … whereas in other markets, there\u2019s a lot of corruption, lack of transparency. \u2026 In terms of its cycle, it\u2019s also quite well placed because it bounced back quite well from the financial crisis. \u2026 The fundamentals are better placed than in many other parts of the world. \u2026 For Asia, there are huge differences across the markets, but many markets there are quite aggressively priced and there\u2019s quite a lot of supply coming on stream, whereas in Europe, there\u2019s a real weakness in the economy. \u2026 Over the medium term, you\u2019ll see markets cycling. \u2026 Some cities are starting<\/a> to slip now. Washington, D.C., is a clear example. Hong Kong is another, where growth has been very good but it\u2019s weakening. \u2026<\/p>\n

Most U.S. plan sponsors have 80 percent plus of their real estate in the domestic market, maybe 85, 90 percent, some of them 100 percent. But that\u2019s starting to change. \u2026 We\u2019re starting to see increased appetite now for global real estate exposure. Over the next five years, I\u2019m sure we\u2019ll see more capital becoming global in real estate to (capitalize on) markets at different stages of the cycle.<\/p>\n

TORTO:<\/strong> One of the important things with commercial real estate is to have the availability of debt. That is one thing \"Ray_Torto_Preference<\/a>that\u2019s different in the U.S.: There is availability of debt at a relatively reasonable historic price. You see that both in the CMBS market and with insurance companies. Even the banks are starting to step up and make some loans. All of that is not true in a great way in Europe. In between Europe and the U.S. is Asia and Asia-Pac. \u2026 There\u2019s availability of debt in Asia-Pacific, but not as much and as cheap as in the U.S. And then \u2026 if you look at the regions of the world, the U.S. real estate market is doing better than most other places in terms of the expected returns and also in terms of yields.<\/p>\n

CPE:<\/strong> What kinds of opportunities are there now overseas that are not available in the U.S.?<\/p>\n

HOBBS:<\/strong> You\u2019ve got other markets that are very similar to the U.S. in terms of their maturities\u2014say, Australia or the U.K., (which are) very sophisticated, transparent (markets)\u2014but you\u2019ve got other markets where a lot of the real estate is unoccupied still. And so, there\u2019s a wave of sale-leasebacks, and Continental Europe is a particular area where this is happening because of the distress that they\u2019re under. (While) in the U.S. or U.K. it might be 60, 70 percent is rented and 30, 40 percent is unoccupied, it\u2019s the other way around in France or Germany. There is a move to bring that unoccupied space into the institutional market, and that\u2019s ideal for a lot of investors because you tend to get very good credit, a long lease and good-quality real estate.<\/p>\n

So I think you\u2019ve got your cyclical opportunities, but also some structural changes going on, particularly related to owner occupation reducing. But also, student housing, self storage, medical offices. These are tiny in most non-U.S. markets. Logistics is starting to grow very significantly in Asia and Europe, but it\u2019s still way behind the sophistication and size of the U.S. I think these are very powerful opportunities. They reflect the demand in the economy, but they haven\u2019t yet matured as real estate asset classes in Europe or Asia. The strategy is often to build or develop to core, so they won\u2019t develop and then plan to sell.<\/p>\n

TORTO:<\/strong> When you think about Asia, the real opportunity there \u2026 (is) development. Whether it\u2019s retail or office or even industrial space, there\u2019s not a lot of that kind of space, and there is a tremendous demand by global occupiers. But your issues are dealing with the permitting and the land and the construction risks and all that sort of stuff. If you get it built, you\u2019re probably OK; you\u2019ll probably get it leased. \u2026<\/p>\n

Distress is still an opportunity in Europe because there\u2019s not the capital there. The banks really haven\u2019t dealt with getting rid of their distressed properties. And this is going on five, six years now. They\u2019re in a situation where they really do need to get rid of those properties, and there\u2019s not a lot of institutional existing capital in those banks. So I think the opportunity is there for American capital to go over there and to pick up those properties. That\u2019s what you\u2019re starting to see. You\u2019re starting to see a lot of the Blackstones of the world who are capitalizing on that. Carlyle (Group is also) starting to go there.<\/p>\n

The other opportunity that\u2019s a big opportunity that people are looking toward is Africa. I think Carlyle is the only big private equity fund that\u2019s gone to Africa and put together a fund around real estate. \u2026<\/p>\n

In other parts of the world\u2014you\u2019re talking Asia; you\u2019re talking Africa\u2014the demand for real estate is just population growth, population density in the sense that they\u2019re creating cities, and then of course the middle-class development as their economies grow and that middle class wants to buy things through retail outlets and so on. …
\nOverseas, it\u2019s generally the traditional food groups, except for seniors housing. With particular issues in Europe, where you already have a population that\u2019s aging, like we have here. It\u2019s also an issue that\u2019s starting to develop in China.<\/p>\n

\"CPE1013_global_steve<\/a>COLLINS:<\/strong> What is very attractive and very lucrative for U.S. investors specifically in Europe right now is the distressed loan and note sale business. Heretofore, the European banks have not been as willing to admit that they had a problem and they\u2019re going to have a problem. There are some who believe that the distressed notes that are coming back in Europe are more plentiful than they were in the U.S. Therefore, a lot of U.S. investors, private equity firms, are looking at Europe to buy portfolios of loans at a discount. But it all depends on which countries. To get a property back in France is practically impossible. But in Germany, the U.K., it\u2019s much more prevalent. \u2026 The second opportunity, I\u2019d say, is the multi-family business. It hasn\u2019t been as robust as it always is here in the U.S., and it\u2019s getting stronger and stronger over there. \u2026<\/p>\n

The U.S. investors that are able to invest in Asia right now run from the big U.S. institutions who have established offices and been over there for years to the regional sponsors from the U.S. who have been over there for years and years and have met a couple of sources who they can then develop a small project with. Access right now to note sales is not\u2014it\u2019s coming. It\u2019ll hit the Asia-Pacific region, if not this year, a couple years from now. In three years, there will be some distressed notes coming back. But it hasn\u2019t hit there yet to any degree.<\/p>\n

CPE:<\/strong> Are there opportunities in Latin America?<\/p>\n

COLLINS:<\/strong> Some people are likening it to the Wild, Wild West. You have specific markets in Chile\u2014really questionable markets\u2014but aggressive pricing in Argentina. But the bulk of the money is going to Brazil and to Mexico. Brazil\u2014I say Wild, Wild West\u2014is not for the faint of heart. They\u2019ve developed a lot of product down there, but right now the market is extremely soft. It\u2019s like when they said the BRIC countries\u2014you know,\u00a0Brazil, Russia, India, China\u2014well, now there\u2019s a glut of office space in China. Now there\u2019s a glut of office space in Brazil. There really haven\u2019t been a lot of governors on the markets in either place, to govern themselves about, \u201cOK, you can\u2019t build this much here.\u201d They were looking for the income from the developers to buy the sites.<\/p>\n

You see a lot of U.S. developers\u2014the Hineses and the Tishman Speyers and others\u2014build down there, and build very well and very successfully. But now you see a lot more development down there coming out of the ground, and so the market is soft. We advise our clients, in almost all cases, when you go down into especially Brazil, you need some sort of local partner. And do your due diligence on your local partner very well, because there\u2019s a lot of opportunities for failure if you don\u2019t pick the right partner. Mexico is the same. It\u2019s come back strong. Some areas are still kind of soft because of the drug cartel issues, but they\u2019re still going strong. Mexico City, Juarez\u2014they\u2019re all still benefiting from the U.S. assembly, light manufacturing groups. You\u2019re selling stuff at 8, 9, 10, 11 cap rates, as opposed to big cities in the U.S. where\u2014in New York, D.C., it\u2019s 4.5, 5.5. But again, it\u2019s difficult to get financing down there.<\/p>\n

TORTO:<\/strong><\/em> Brazil is a good 50 percent of all of the GDP in Latin America, 200 million-plus people. After that, there\u2019s Mexico, and that\u2019s certainly a strong market. And then there\u2019s a little market called Panama that\u2019s just been booming because of the Panama Canal. They really are growing. They\u2019re doubling, tripling their existing stock. But again, it seems to be much more of a domestic market, not really an international market.<\/p>\n

CPE:<\/strong> How has the recession impacted returns globally?<\/p>\n

COLLINS:<\/strong> <\/em>The range has spread. For instance, if you were buying anything with a London address three or four years ago, before the market tanked, (it) was painted with the same brush\u2014a 4.5, 5.5 percent return. And then the recession hit, and all of a sudden it was only City or West End. West End was getting 6 percent. So some foreigners came in and bought at 6 percent right away. And literally within six months after the recession hit, they got, like, 6.5, 6.75 percent, and then they turned around and sold it two years later for 4 percent.<\/p>\n

So now, if you look at London, it\u2019s not painted with the same brush. City and West End get the low cap rates and high prices, whereas in MidCity and other places\u2014Canary Wharf\u2014returns are a little higher. So it\u2019s affected it that way. With the flow of information being so readily available via the Internet and people willing to give it away, (it) has made it so much easier for people to make decisions. It\u2019s caused the markets that they\u2019re looking at to be more focused, as well.<\/p>\n

HOBBS:<\/strong> <\/em>Calgary, because of the oil, Perth, because of the mining, Oslo, because of the oil, Houston, because of the oil, (were) performing particularly well. You also have another set of cities, the financial capital cities\u2014London, Paris, New York, Hong Kong\u2014that have done well. And then you have some tech cities\u2014San Diego, Munich, Seoul, Stockholm. This has been the case the last two, three years. With commodities doing less well now, there\u2019s got to be concerns over the likes of Perth, Calgary and Oslo, where they\u2019ve had fantastic performances the last two, three years but now they\u2019ve become quite pricy and there\u2019s less of a commodity growth spurt than we\u2019ve seen over the last two or three years. And supply has increased dramatically in those cities.<\/p>\n

So in terms of where they\u2019re placed, I think we\u2019ve got to think about the fundamentals but also the capital. Two areas I worry about always is, if the supply gets too far ahead of itself and if the capital markets get too far ahead of themselves. I think that\u2019s the danger, really, happening in those commodity cities. But in terms of supply across Europe, there isn\u2019t a real problem except for maybe parts of the city of London, where there\u2019s a lot of supply coming on stream.<\/p>\n

CPE:<\/strong><\/em> Peter, you mentioned some sectors that are considered economic drivers in the U.S.: technology and energy. Are these the main drivers globally or are there other factors defining the best cities for investment outside the U.S.?<\/p>\n

HOBBS:<\/strong> <\/em>There\u2019s another group that really isn\u2019t there, which is the capital cities, the administrative cities, which often tend to have a financial or a technical or a commodity strength. But we\u2019re seeing big cutbacks in public-sector spending. …<\/p>\n

In the States, the big focus is, where are the drivers of employment growth\u2014look at where the employment growth is and demand will follow and then returns will follow. There\u2019s less of a clear-cut relationship in many other parts of the world\u2014certainly in Europe, because there\u2019s such a lot of poor-quality real estate that a lot of it becomes redundant. And so, although employment growth\u2014and Japan is actually a case of this\u2014might not be very strong, there\u2019s huge demand for good quality, whether it\u2019s office or retail, because the redundant spaces get taken out of the supply. … There\u2019s been a feeling, an understanding that if you build better-quality office and retail space, then it will tend to perform well, whereas in the U.S. there\u2019s been much more interest in fundamentals. Asia is different, where it\u2019s much more about the fundamentals. There is, also, as in the States, a big awareness of supply because there\u2019s much more supply being built as these economies become developed.<\/p>\n

But (the drivers) are the same: It\u2019s technical, financial capital cities, I think, although manufacturing is another group. One other group is transportation, and that relates to logistics. As in the States, you don\u2019t tend to get cities; it\u2019s more hubs. It\u2019s distribution hubs that tend to be wider, very strong ports, very strong airports that generate that demand, not just for logistics but also for office and retail.<\/p>\n

There\u2019s a lot of debate in Europe about migration and immigration. There\u2019s out-migration from the weaker parts of Greece or Spain to the stronger growing parts of Europe\u2014Germany and the U.K. And I think it\u2019s important to drill down. A lot of people are aware of the shrinking population in Japan, but Tokyo continues to grow. … Germany is shrinking, but the German cities are growing. People are concentrating more and more on the cities. And we need to drill down not just to the city but also, within the city, where do people want to live?<\/p>\n

COLLINS:<\/strong><\/em> Technology is definitely one of them. And still the banking sector. (That is driving growth in) London. Frankfurt. Paris. And I think that\u2019s it for Europe right now. Asia would be Singapore and Hong Kong. And Shanghai\u2014definitely Shanghai. And the folks in Europe have had to deal with the environmental and the energy issue for a lot longer than the U.S. has, so they\u2019ve kind of got it down. Especially the Nordic states have that down. In any markets, as you get a highly educated workforce with disposable income, like the U.S.\u2014I call it the re-urbanization of major cities. It\u2019s happening in the U.S.; it\u2019s happening in Europe, as well.<\/p>\n

CPE:<\/strong><\/em> In the U.S., there is a lot of talk about investing in secondary cities. Do those opportunities exist elsewhere?<\/p>\n

HOBBS:<\/strong><\/em> We are starting to see appetite now for maybe not so much secondary cities but not prime, prime, prime parts of the city. So not the best-quality assets but the ones where there\u2019s leasing potential, leasing risk. I think we\u2019re starting to see a ripple out from the core cities, but it\u2019s not as widespread as we\u2019re seeing in the U.S. People are starting to look at Italy, starting to look at Spain, but it\u2019s still very tentative.<\/p>\n

What we\u2019re seeing now is less American but Asian capital going to the U.K.\u2014to, say, Manchester, rather than going to, say, Spain. Because there\u2019s still concern over the political outlook and economic outlook for those countries. But I think that\u2019s a big change, because a lot of new investors were saying, \u201cOh, it\u2019s gotta be London.\u201d But London is one of the most volatile markets in the world, so it\u2019s not a good place for long-term capital. The weight of capital is very much in London, but there is more appetite for some of the provincial, secondary cities.<\/p>\n

TORTO:<\/strong><\/em> If you\u2019re willing to take a little bit more risk and go to the secondary assets, you\u2019ve got the U.S., which is starting to show some economic velocity, and you\u2019ve got the U.K., which is starting to do a little bit better. \u2026 We did have interest in looking at secondary cities in China four or five months ago. It\u2019s sort of tapered away with the current slowdown and the concern that they might have a hard landing.<\/p>\n

COLLINS:<\/strong> <\/em>It\u2019s hard for a U.S. investor. … I love Dusseldorf. It\u2019s a cool city. But it\u2019s hard to get invested there, because the local players know it; the European players know it. You would have to find a local partner to do it. So the investments are there, but the question is whether these guys are willing to take the risk. And then U.S. investors typically say, \u201cI know what\u2019s going on over in Chattanooga or Nashville or Memphis. I know those markets because I live there. I don\u2019t need to go over to Dusseldorf and find a deal when I can find one right here.\u201d<\/p>\n

CPE:<\/em> <\/strong>Ray, according to a recent CBRE Research report, crossborder investment decreased during the recession. Do you anticipate this turning around soon?<\/p>\n

TORTO:<\/strong><\/em> That was surprising. \u2026 When we looked at the total flow of volume, I was somewhat shocked to see what a large share of it was domestic, particularly for Asia-Pac and for the Americas. Europe is a generally smaller set of countries; there\u2019s much more of a tradition of crossborder, intra-regional investments there. There\u2019s just an enormous amount of capital and an enormous amount of competition when you go to places like Asia-Pacific. And we expect that to continue.<\/p>\n

I do think U.S. investors will try to reach out. \u2026 The institutional investors will go overseas and they\u2019ll find enormous competition for existing product. The developers who want to go overseas, and the people who want to take more risk, I think they\u2019ll have more opportunities.<\/p>\n

HOBBS:<\/strong><\/em> I think that\u2019s been driven by risk aversion. In the financial crisis, there was a return to the bricks-and-mortar real estate, which tended to be domestic. A number of investor groups didn\u2019t follow that trend: The Canadians, actually, have increased, over the last three years, their global investing. Foreign wealth funds\u2014in Asia, the Middle East\u2014are increasing their crossborder investing. And a number of the German institutional investors increased. But the big investors in the U.S. have tended to be more domestic.<\/p>\n

One of the other reasons for this is that in the past, when U.S. planned sponsors went overseas, they tended to do it just about always through opportunistic funds. As you know, there was a big reaction against opportunistic funds because they\u2019re the ones who suffered the most in the crisis because of the leverage. So they pulled back from opportunistic, and then, as a consequence, they reduced their overseas exposure. And it was the U.S. who were the big sponsors of the opportunistic model, so the retreat was most significant from the U.S. \u2026 There\u2019s also now better awareness, better platforms to invest globally. There\u2019s more transparency. People are being more transparent about the strengths and weaknesses of their platforms; there\u2019s more sophistication. So the supply side, if you like, of the investment vehicles has improved.<\/p>\n

Many Asian markets are aggressively priced, so it\u2019s very hard to acquire core real estate in these markets at this point in the cycle. But that will change. What we\u2019ve seen in the last 18 months is 10 or so new core funds, pan-Asian core funds, being developed to appeal to this demand.<\/p>\n

COLLINS:<\/strong> <\/em>I think there are a variety of reasons (why crossborder investment will increase), but the main one is, as I mentioned earlier, they made some money; they\u2019re trying to preserve it. It\u2019s all risk-adjusted. They\u2019ll buy an asset for a 4 percent yield in Manhattan and then buy a 7 percent yield in Chicago and buy a 9 percent yield in La Defense in Paris. So they\u2019re spreading the risk, but they\u2019re averaging their returns. I think you\u2019re going to continue to see that.<\/p>\n

CPE:<\/em><\/strong> Are there emerging markets that you see as big growing targets for investment?<\/p>\n

HOBBS:<\/strong> <\/em>People are hot or cold on Turkey. Some people are really positive on Turkey because of the demographics and so on. And others … are in a similar way very polarized on Russia. … There are always points in time when these emerging markets look exciting, cyclically. But the bigger question is, structurally, how deep is the capital, how transparent are they? I think it\u2019s more incremental. Central Europe\u2014Poland and the Czech Republic\u2014they really benefited over the last 15 years from gradual emergence. I think we\u2019re seeing more of that emergence moving farther east and farther southeast across Europe. There was talk before the crisis of North Africa, the Morocco area, being a sort of Mexico of Europe, sort of industrial. But the political problems there have caused\u2014wherever you\u2019ve seen a setback, it\u2019s often politically or institutionally related. I think we\u2019re seeing in Asia a similar thing. It\u2019s more the steadily improving markets like Malaysia, like Taiwan\u2014and China, as well\u2014rather than Indonesia or India, which are further back. There always will be excitement. Someone will say, \u201cOh yeah, Vietnam now looks really attractive.\u201d Yes, but I still worry about institutional risks in those markets.<\/p>\n

CPE:<\/strong><\/em> Steve, what are your views on the MIST countries: Mexico, Indonesia, South Korea and Turkey?<\/p>\n

COLLINS:<\/strong><\/em> Turkey was a darling of everybody for the last year, especially for retail. The amount of highly educated, young, smart population in Turkey, especially in Istanbul, was incredible. \u2026 India, as part of the BRICs before, was up and down and up and down, and it\u2019s kind of quasi-down again. It\u2019s still a hugely populated country with an educated workforce, but there are still too many highs and lows with respect to the haves and the have-nots. That\u2019s always going to affect investment there. \u2026 Indonesia is interesting in that there\u2019s a ton of wealth coming out of there. \u2026 As these markets get better, pull themselves up in the transparency craft from a higher score to a lower score, they become more attractive for institutions.<\/p>\n

Read this article in its original format in the October 2013 issue\u00a0<\/a>of CPE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As the world\u2019s economies emerge from the Great Recession, investors are becoming more interested in revisiting crossborder real estate opportunities. <\/p>\n","protected":false},"author":952,"featured_media":1004085832,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783],"tags":[],"class_list":["post-1004085825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment"],"acf":[],"yoast_head":"\nGlobal Special Report: Identifying Opportunities - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/global-special-report-identifying-opportunities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global Special Report: Identifying Opportunities\" \/>\n<meta property=\"og:description\" content=\"As the world\u2019s economies emerge from the Great Recession, investors are becoming more interested in revisiting crossborder real estate opportunities.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/global-special-report-identifying-opportunities\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-10-28T17:04:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-01T23:26:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/CPE1013_global_Peter-Hobbs.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"235\" \/>\n\t<meta property=\"og:image:height\" content=\"266\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/global-special-report-identifying-opportunities\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/global-special-report-identifying-opportunities\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"Global Special Report: Identifying Opportunities\",\"datePublished\":\"2013-10-28T17:04:46+00:00\",\"dateModified\":\"2022-12-01T23:26:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/global-special-report-identifying-opportunities\\\/\"},\"wordCount\":4051,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/global-special-report-identifying-opportunities\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/10\\\/CPE1013_global_Peter-Hobbs.jpg\",\"articleSection\":[\"International\",\"Investment\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/global-special-report-identifying-opportunities\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/global-special-report-identifying-opportunities\\\/\",\"name\":\"Global Special Report: Identifying Opportunities - 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