> **来源：[研报客](https://pc.yanbaoke.cn)** # 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