2022年全球投资者展望报告-46页_11mb

2022 Global Investor Outlook Report Summary

Core Content

The 2022 Global Investor Outlook Report by Colliers outlines the current state and future trajectory of global real estate investment markets, emphasizing resilience and growth despite ongoing challenges like the pandemic's impact and rising construction costs.

Main Trends and Views

• Investment Resilience: Real assets, particularly property, have shown strong resilience in 2021 and are expected to maintain a strong investment trajectory in 2022, with volumes matching the 5-year average.
• ESG Integration: Environmental, Social, and Governance (ESG) factors are increasingly central to investment strategies, with three-quarters of investors integrating environmental aspects. However, there's still a lack of clear standards and benchmarks for ESG compliance, which is expected to evolve by mid-2022.
• Office Sector: Core office assets in major global cities like London, New York, and Paris remain highly desirable, with 60% of investors favoring them. Despite hybrid work models, demand for office space is expected to remain strong, especially in core markets.
• Industrial & Logistics (I&L): I&L is the most attractive sector for investment, driven by e-commerce growth and supply chain reshaping. Over 20% of investors anticipate 10-20% capital gains in value-add I&L assets, with a significant focus on big-box and last-mile distribution.
• Residential Diversification: Multifamily/BTR is gaining traction as a key investment area, especially in urban centers. It's seen as an institutional-grade investment with strong potential for growth.
• Retail and Hotels: Retail is split between traditional and e-resilient assets, with grocery and convenience stores being the most sought-after. Hotels are viewed with less optimism but still show potential for opportunistic investments, especially in markets with strong domestic demand.
• Specialised Assets: Data centres, life sciences, healthcare, and student housing are becoming more prominent, with a growing focus on these sectors due to their alignment with demographic and economic trends.

Key Challenges

• Rising Construction Costs: Cited by 80% of investors as a major concern, these costs are expected to drive the adoption of modern construction methods and affect asset pricing.
• Travel Restrictions: Still a concern for 60% of investors, particularly in the context of office space demand and investment.
• Capital Overcrowding: With more money chasing fewer deals, there's a growing trend towards consolidation, joint ventures, and larger players in the market.
• Bid-Ask Spreads: These are likely to create short-term market activity challenges but are expected to narrow by 2023.

Strategic Recommendations

• Partnerships: Investors are advised to seek local expertise and strategic alliances to navigate specialized sectors and enhance returns.
• Diversification: Diversifying into alternative asset classes such as data centres, student housing, and healthcare is recommended to mitigate risk and capitalize on emerging trends.
• Focus on Core and Core-Plus Assets: These are seen as more stable and likely to appreciate in value, especially in tier-1 global markets.
• Adaptation to ESG Standards: Clearer ESG guidelines and benchmarks are expected to boost market confidence and investment activity.

Regional Insights

• Asia Pacific (APAC): Expected to be a standout region in 2022 due to pent-up demand and strong liquidity. I&L and core-plus offices are the top sectors.
• Europe, Middle East, Africa (EMEA): Core office assets in major cities remain a top priority, with a focus on ESG compliance and modern work practices.
• Americas: The U.S. is seeing strong growth in multifamily/BTR and industrial sectors, driven by demographic and economic shifts.

Investment Manager Types

Investors are spread across various types including:

• Investment Manager
• Other (e.g. Developer)
• Listed Property Company (e.g. REIT)
• Institution (e.g. Pension Fund, Insurance Company, Sovereign Wealth Fund)
• Private Equity
• Private Investor / Family Office / Family Trust
• Lender (e.g. Bank, Debt Fund)

Asset Class Preferences

• Industrial & Logistics: Most sought-after, with strong growth expectations.
• Office: Core and core-plus assets are preferred, especially in tier-1 cities.
• Multifamily/BTR: Gaining momentum as a key investment area.
• Retail: Split between traditional and e-resilient formats, with grocery stores leading in demand.
• Hotels: Less optimistic but still showing potential for opportunistic investments.
• Specialised Assets: Data centres, life sciences, and healthcare are on the rise.

Conclusion

The report highlights a shift towards sustainable and resilient assets, with a strong emphasis on ESG and modern construction methods. Investors are increasingly looking for diversified portfolios and strategic partnerships to navigate the evolving market landscape, with a clear focus on core and core-plus assets, I&L, and residential opportunities in major global cities.