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Will New Sources of Capital Extend the Cycle?

Global Capital Markets | H1 2015

Summary

  • Global commercial real estate investment reached US$407 billion in H1 2015, the strongest first half to a year since 2007 and up 14% year-over-year. Though rapid growth has been maintained for several years, the rate of growth slowed in H1 2015 and was vastly different at a regional and country level.
  • The Americas registered 31% growth year-over-year, but a strong U.S. dollar impacted activity in EMEA and Asia Pacific. In U.S. dollar terms, EMEA was up just 5% and Asia Pacific was down 19% from H1 2014. However, when measured in local currency, EMEA and Asia Pacific volumes were up by 25% and 9%, respectively.
  • The U.S., U.K. and Germany remain, by far, the largest CRE investment markets globally. A combined total of US$301 billion was transacted in these three countries in H1 2015—representing an unusually high (74%) share of the global market.
  • Looking ahead, global investment volumes may not increase at the rates they have done over the last several years, but will continue to grow in H2 2015 and 2016 as property continues to offer a spread over bond rates across world real estate markets.

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For more information about this report, please contact:

Iryna Pylypchuk
Director, Global Research
+ 49 (0)69 170077 92
+49 (0) 151 15150509
+49 (0)69 170077 77
Nick Axford, Ph.D.
Head of Research, Global
+44 20718 22876
Richard Barkham, Ph.D.
Chief Economist, Global
+44 20718 22665
Neil Blake, Ph.D.
Global Head, Forecasting and Analytics
+44 20 7182 2133
Henry Chin, Ph.D.
Head of Research, Asia Pacific
Asia Pacific
Research
+852 2820 8160
+852 2810 0830
Spencer Levy
Head of Research, Americas | Senior Economic Advisor
+1 617 9125236