{"id":1004678909,"date":"2023-09-05T04:13:37","date_gmt":"2023-09-05T12:13:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004678909"},"modified":"2023-09-24T22:55:16","modified_gmt":"2023-09-25T06:55:16","slug":"cbre-capital-forecast-caution-this-year-some-recovery-next-year","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-capital-forecast-caution-this-year-some-recovery-next-year\/","title":{"rendered":"CBRE Capital Forecast: Caution This Year, Some Recovery Next Year"},"content":{"rendered":"
\"Richard<\/a>

Richard Barkham, Global Chief Economist & Head of Global and Americas Research, CBRE. Image courtesy of CBRE<\/em><\/p><\/div>\n

Global cross-regional capital flows among North America, Europe and Asia-Pacific came to a total of $30.5 billion in the first half of this year, which was a whopping 52 percent lower than in the first half of 2022, according to CBRE<\/strong>\u2019s just-released H1 2023 Global Real Estate Capital Flows<\/a> report.<\/p>\n

CBRE attributes this drop in global investment to high interest rates, softer CRE fundamentals and mismatched pricing expectations between buyers and sellers.<\/p>\n

Cross-regional investment specifically in North America, however, increased by 5 percent year-over-year, driven primarily by two large acquisitions in the U.S. by Asian investors.<\/p>\n

\n

READ ALSO<\/strong>: Where the Smart Money Is Investing in CRE<\/a><\/p>\n

\n

Globally, the assets most in demand were in the industrial\/logistics sector, accounting for 37 percent of all global cross-regional investment in the first half of 2023. CBRE reports that this was the highest half-year share of any asset type on record. A strong supply-and-demand situation is the main factor.<\/p>\n

Global investors will likely remain cautious for the rest of this year due to high interest rates and economic uncertainty, Richard Barkham, CBRE\u2019s global chief economist, commented in a prepared statement. However, since inflation seems to have peaked globally, and central banks are either at or near the end of their rate-hiking cycles, CBRE anticipates the global investment market to begin recovering in the first half of 2024, Barkham added.<\/p>\n

A closer look<\/h2>\n

Cross-regional capital flow into North America totaled $11.8 billion in the first half of the year, leading to the aforementioned 5 percent increase from 12 months earlier. \u201cInvestment was fueled by a resurgence in APAC-originating capital, predominately from Singapore and, to a lesser extent, Japan,\u201d CBRE noted.<\/p>\n

The two outsized deals in the U.S. that accounted for the bulk of cross-regional investment volume were GIC<\/strong>\u2019s share of the $14 billion buyout<\/a>, in partnership with Oak Street Real Estate Capital<\/strong>, of STORE Capital REIT<\/strong>, and a large New York City office acquisition by Japanese investors.<\/p>\n

After industrial\/logistics assets, retail properties were the second-most desirable, attracting $3.6 billion in investment. The retail sector was attractive vis-a-vis other property types in part because of going into the repricing cycle at higher cap rates.<\/p>\n

The office sector did not have a good showing: This product type \u201csaw its lowest half-year cross-regional investment volume since 2010 as uncertainty around future occupier demand continued,\u201d CBRE said.<\/p>\n

Consistent with CBRE\u2019s 2023 U.S. Investors Intentions Survey, New York, Los Angeles, Dallas, Miami and Charlotte, N.C., were again in the top 10 most sought-after markets by international investors who, CBRE says, \u201chave a clear preference for Sun Belt markets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

One asset class set a record for the highest share of investment volume in any half year.<\/p>\n","protected":false},"author":882,"featured_media":1004593844,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,21742,21747,21749,51037],"tags":[32789],"class_list":["post-1004678909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-latest","category-office","category-retail","category-trends","tag-cbre"],"acf":[],"yoast_head":"\nCBRE Capital Forecast: Caution This Year, Some Recovery Next Year - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Global cross-regional capital flows among North America, Europe and Asia-Pacific came to a total of $30.5 billion in the first half of 2023.\" \/>\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\/cbre-capital-forecast-caution-this-year-some-recovery-next-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Capital Forecast: Caution This Year, Some Recovery Next Year\" \/>\n<meta property=\"og:description\" content=\"Global cross-regional capital flows among North America, Europe and Asia-Pacific came to a total of $30.5 billion in the first half of 2023.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-capital-forecast-caution-this-year-some-recovery-next-year\/\" \/>\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=\"2023-09-05T12:13:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-25T06:55:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Richard-Barkham-CBRE...jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbre-capital-forecast-caution-this-year-some-recovery-next-year\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cbre-capital-forecast-caution-this-year-some-recovery-next-year\/\",\"name\":\"CBRE Capital Forecast: Caution This Year, Some Recovery Next Year - 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