2026年全球投资者意向调查报告_15页_4mb

报告摘要

2026 Global Investor Intentions Survey Summary

Core Content

The 2026 Global Investor Intentions Survey conducted by CBRE Research, involving 1,470 respondents across North America, Europe, Asia-Pacific, and Latin America, highlights the current and expected investment behavior of global real estate investors. The survey was carried out in Q4 2025 and does not reflect changes since the outbreak of the Middle East conflict. Overall, investor sentiment is broadly positive, with a focus on value-add and core strategies, and varying regional preferences and challenges.

Main Viewpoints

1. Investment Activity Expectations

Investors in all regions expect to increase their purchasing activity in 2026 compared to 2025.
Selling activity is also expected to remain strong, supporting liquidity as investors redeploy capital into new acquisitions.
North America is expected to see the highest level of investment activity.
U.S. investors show the strongest intention to increase activity, with nearly 75% expecting more acquisitions. About 50% plan to sell, which should drive healthy competition and firm pricing.
European and Asia-Pacific investors are also largely aligned, with over 50% planning to buy more and around 40% planning to sell more.
Latin American investors are more likely to focus on buying (52%) than selling (33%), though they are selective in their acquisitions due to stabilizing macroeconomic conditions.

2. Preferred Investment Strategies

Value-add and core-plus strategies are the most preferred globally, with over 60% of investors in North America, Europe, and Asia-Pacific favoring them.
Core strategies are seeing a slight rebound, especially in Asia-Pacific, while North America and Europe show subdued interest due to elevated risk-free rates.
Latin American investors show more diversity in strategy preferences, with 25% targeting core investments and many others seeking opportunistic assets.
Debt strategies are less favored this year, likely due to lower financing costs and greater capital availability for equity.

3. Major Tailwinds

Reduced new supply pipelines are a key tailwind in North America, Europe, and Asia-Pacific, as prime assets in major cities are unlikely to meet demand, supporting investment returns from existing assets and renovation projects.
Lower debt costs are a major tailwind across all regions, with interest rate cuts expected in the U.S. and competition among lenders in Europe and Asia-Pacific.
Attractive price entry points are top tailwinds in North America and Europe, reflecting significant sector repricing over the past few years.

4. Major Challenges

Geopolitical and macroeconomic concerns are top challenges, especially in Europe and Asia-Pacific.
Middle East conflict has increased global economic risks, but is unlikely to derail the expansion, barring a major escalation.
North America faces challenges related to softening labor markets, elevated long-term rates, and weakening property fundamentals.
Europe struggles with pricing expectations and higher long-term interest rates.
Asia-Pacific is affected by rising labor and construction costs, while Latin America faces trade policy concerns.

5. Sector Preferences

U.S. investors prefer multifamily assets, with industrial & logistics and retail also gaining traction.
European investors favor residential (living) assets, with a more balanced interest across other sectors.
Asia-Pacific investors are most interested in office assets due to improved CBD demand and rent growth, especially in Australia, Japan, Korea, and Singapore.
Latin American investors show the strongest interest in industrial & logistics due to trade-driven demand.

6. Pricing Expectations

Investor sentiment has improved globally, with buyers and sellers having closer pricing expectations.
North America is most willing to bid up for Class A office and multifamily assets.
Europe is focused on residential (living) assets, especially in markets with limited inventory.
Asia-Pacific has the strongest sentiment for Class A office assets, due to structural undersupply and strong occupier demand.
Industrial & logistics is seeing no discount expectations, while the retail sector is still recovering and has the most investors expecting discounts.
Hotel assets are particularly strong in Asia-Pacific and Europe, due to increased tourism and business travel.

7. Alternative Sectors

Alternative sectors are most favored in Europe and Asia-Pacific, with nearly 70% of investors targeting at least one.
North American investors show a relatively lower interest in alternatives, with self-storage being the most favored.
Asia-Pacific investors are particularly interested in healthcare and retirement living due to aging populations in Japan and Korea.
Student housing is a target for over one-third of European investors due to rising demographic-driven demand.
Real estate debt is a top alternative in Europe and Asia-Pacific, supported by non-bank lending growth.
Infrastructure is also gaining interest due to accelerating urbanization and upgrading.

Key Information

Global Investment Intentions: Investors plan to increase both buying and selling activity, with North America showing the highest expected magnitude.
Preferred Strategies: Value-add and core-plus strategies dominate, with core strategies rebounding in Asia-Pacific.
Tailwinds: Reduced new supply, lower debt costs, and attractive pricing are key drivers across all regions.
Challenges: Geopolitical and macroeconomic concerns are widespread, with specific regional issues such as labor costs and trade policy.
Sector Preferences: Multifamily in North America, residential in Europe, office in Asia-Pacific, and logistics in Latin America are the top sectors.
Pricing Trends: Closer alignment between buyers and sellers, with no discount expectations in industrial & logistics and discounts in retail.
Alternative Sectors: Strong interest in alternatives like self-storage, healthcare, and infrastructure, especially in Europe and Asia-Pacific.

Investment Outlook

Global: Real estate continues to offer cyclical and structural opportunities, particularly as an inflation hedge.
North America: Robust sentiment, with a focus on high-quality assets and limited cap rate compression.
Europe: Improving sentiment, with bid-ask spreads as a key challenge and Southern Europe showing particular interest.
Asia-Pacific: Expected to see increased investment activity, with income growth from office and residential assets.
Latin America: Investors plan to maintain or moderately increase activity, with a strong focus on logistics and core strategies.

Survey Respondents

Market Distribution: The survey includes respondents from all four regions.
Investor Types: Includes a mix of institutional and private investors.
AUM Distribution: Reflects the asset under management (AUM) of respondents, with a focus on North American, European, and Asia-Pacific investors.

Contacts

Henry Chin, Ph.D. – Global Head of Research, henry.chin@cbre.com
Tasos Vezyridis – Head of Research, Europe, tasos.vezyridis@cbre.com
Ada Choi, CFA – Head of Research, Asia-Pacific, ada.choi@cbre.com.hk
Dennis Schoenmaker, Ph.D. – Global Head of Forecasting & Strategic Insight, dennis.schoenmaker@cbre.com
Darin Melott – Head of U.S. Investor Research, darin.mellott@cbre.com
Kasia Dziewulska – Head of Operations, Global Research, kasia.dziewulska@cbre.com
Marc Meehan – Head of Research, Canada, marc.meehan@cbre.com
Yadira Romero – Head of Research, Latin America, yadira.romero@cbre.com