世邦魏理仕-2026年全球投资者意向调查报告 2026 Global Investor Intentions Survey

IntelligentInvestment

2026

GlobalInvestorIntentionsSurvey

REPORTCBRERESEARCHMARCH2026

IntelligentInvestment2026GlobalInvestorIntentionsSurvey

2CBRERESEARCH©2026CBRE,INC.

The2026GlobalInvestorIntentionsSurveywasconductedacrossfourregions—NorthAmerica,EuropeAsiaPacificandLatin

America—andreflectstheviewsof1,470respondents.Investor

sentimentwasbroadlypositiveacrossallregions.Thisreport

providesanoverviewofthekeythemesthatemerged,highlightingsimilaritiesanddifferencesininvestorsviewsbyregion.ThesurveywasconductedinQ42025andthereforedoesnotreflectchangesininvestorsentimentsincetheoutbreakoftheMiddleEastconflict.

HenryChin

GlobalHeadofResearch,CBRE

ExecutiveSummary

–Investorsacrossallregionsindicatedthattheywillbuyandsellmoreassetsthanlastyear,withthe

expectedmagnitudeofthisactivitythehighestinNorthAmerica.

–Value-addandcorestrategieswerethemost

preferredglobally.Limitedavailabilityofprimeofficespaceincertainmarketsisakeydriverofthissentiment.

–Expectedtailwindsforpropertymarketswere

largelythesameacrossallregions.However,

perceivedheadwindsvaried,rangingfrom

macroeconomicchallengestotransaction-specificobstacles.

–ResidentialassetsaremostsoughtafterinNorthAmericaandEurope,whileAsia-PacificinvestorspreferofficeassetsandLatinAmericaninvestorsfavorlogisticsfacilities.

–RiskstotheglobaleconomyhaveincreasedduetotheMiddleEastconflict.Nevertheless,webelievethattheglobaleconomicexpansionwillnotbe

derailedbyrisingoilprices,barringasignificantescalationofthehostilities.

01

CommonViewpoints

IntelligentInvestment2026GlobalInvestorIntentionsSurvey

4CBRERESEARCH©2026CBRE,INC.

Howdoinvestorsexpecttheir2026investmentactivitytodifferfromlastyear?

–Mostinvestorsexpecttoincreasetheirpurchasingactivityin2026.Sellingactivityisalsoexpectedtoremainstrongacrossallregions,supporting

liquidityasglobalinvestorsseektoredeploycapitalintonewacquisitions.

–Whileinvestorsineachregionplantodeploycapitalinthelargestmarkets,theyarealsopayingcloseattentiontolocationsthatshowpositive

demographictrends.ThisisparticularlythecaseinSouthernEurope.

–U.S.investorsshowthestrongestintentiontoincreaseactivity,withnearlythree-quartersofthemexpectingtomakemoreacquisitionsthisyear.

WithnearlyhalfofU.S.investorsplanningtosellassets,thisshoulddrivehealthycompetitionforacquisitionsandsupportfirmerpricing.

–EuropeanandAsia-Pacificinvestorintentionswerebroadlyaligned,withmorethanhalfofinvestorsplanningtobuymorein2026andaround40%planningtosellmore.

–52%ofLatinAmericaninvestorssaidtheyexpecttobuymore,while33%saidtheywillsellmore.Althoughstabilizingmacroeconomicconditions

haveledtomoreconfidenceinrealestatemarketsacrosstheregion,manyLatinAmericaninvestorsexpecttoremainselectiveintheiracquisitions.

Figure1:2026vs.2025purchasing&sellingintentionsbyregion

BuyMore

SellMore

0%

-20%

-40%

-60%

202620252026202520262025

U.S.EuropeAsia-Pacific

BuyMoreSellMoreNetIntentions

24%

15%

22%

17%

13%

60%

40%

80%

20%

21%

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Whatarethefavoredstrategiesforrealestateinvestmentin2026?

–Value-addandcore-plusremainthemostpreferredstrategiesbymore

than60%ofNorthAmerican,EuropeanandAsia-Pacificinvestors.Limitedavailabilityofprimeofficespaceincertainmarkets,aswellasbetter

potentialyields,hasmadethesestrategiesakeyfocus.

–Corestrategiesareseeingaslightreboundyear-over-yearasglobal

propertymarketscontinuetostabilize.Thereboundismostevidentin

Asia-Pacific,whileinterestremainssubduedinNorthAmericaandEurope.Elevatedrisk-freeratesaremakingitmoredifficultforcorestrategiestoofferattractiverelativereturns,subduingdemand.

–LatinAmericaninvestorsshowedmorediversityinpreferredstrategyduetoawiderangeofavailableopportunities.One-quarterofthemare

targetingcoreinvestmentsasadefensivestrategy.Manyothersareseekingopportunisticassets.

–Fewerinvestorsfavordebtstrategiesthisyear,likelyreflectinglowerfinancingcostsandgreatercapitalavailabilityforequitypositions.

Figure2:Mostattractivestrategyforinvestmentin2026

0%5%10%15%20%25%30%35%40%

NorthAmericaAsia-PacificEuropeLatinAmerica

Core

Core-plus

Value-add

Opportunitistic

Other

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Supply

U.S.CanadaEuropeAsia-Pacific

80%63%38%42%

Lower

Debt

U.S.CanadaEuropeAsia-Pacific

Costs

68%63%46%40%

Attractive

PriceEntry

U.S.CanadaEuropeAsia-Pacific

33%52%41%32%

Whatarethemajortailwindsforrealestateinvestmentin2026?

–ReducednewsupplypipelinesareseenasamajortailwindinNorth

America,EuropeandAsia-Pacific.Newdevelopmentofprimeassetsin

majorcitieswilllikelynotbeenoughtomeetdemand.Thiswillunderpininvestmentreturnsfromexistinghigh-qualityassetsandmakerenovationprojectsmoreviable.Conversionofolderofficeassetsincertainmarketscouldprovetobeanetpositiveforthesector.

–Lowerdebtcoststhanayearagoarealsoseenasakeytailwindacrossregions.AsoftheendofQ12026,CBREexpectstheU.S.FederalReserveBanktocutinterestratesonetimeintheyear’ssecondhalf,supportinginvestmentactivity.Webelievethattherate-cuttingcyclehaslargely

concludedinEuropeandAsia-Pacific.Competitionamonglendershasledtolowermarginsfornewloansonprimerealestate.

–InNorthAmericaandEurope,attractivepriceentrypointsarealso

identifiedamongthetoptailwindsforinvestmentin2026.Thisreflectssignificantrepricingacrosssectorsoverthepastfewyears.

Pipeline

Points

、Reduced

山

Figure3:Toptailwinds

02

DivergentViewpoints

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Whatarethemajorchallengesfacingtheinvestmentmarketin2026?

–Geopoliticalandmacroeconomicconcernswerealreadytopofmindfor

investorsatthetimeofoursurvey,particularlyinEuropeandAsia-Pacific.However,CBREbelievesthattheshort-termdisruptionscausedbythe

MiddleEastconflictareunlikelytoderailtheglobaleconomicexpansion.

–Investorsholdvariousopinionsonthemainchallengesfacingthe

investmentmarketthisyear.Themostcommonwerethemacroeconomicoutlook,geopoliticallandscapeandpricingexpectations.

–InNorthAmerica,keychallengesrevolvearoundthemacroeconomic

outlook.Softeninglabormarkets,elevatedlong-termratesandweakeningpropertyfundamentalswereselectedmostoftenasthetopconcerns.

–Europeaninvestorsstillseeamismatchinpricingexpectationsasthemainchallengeforrealestateinvestment,thoughhigherlong-terminterest

ratesarealsoakeyconcern.

–HigherlaborandconstructioncostswereseenasamajorheadwindinAsiaPacific,whiletradepolicywasthemostcommonconcernforLatin

Americaninvestors.

–Somesimilaritiesdidemerge.GeopoliticalrisksrankedsecondforchallengesinEuropeandAsia-Pacific.

U.S.

12%

Europe

47%

Uncertain

GeopoliticalLandscape

Canada

30%

Asia-Pacific

38%

U.S.

61%

Europe

27%

Uncertain

EconomicOutlook

Canada

63%

Asia-Pacific

35%

U.S.

26%

Europe

62%

Mismatch

inPricing

Expectations

Canada

22%

Asia-Pacific

29%

Figure4:Topchallenges

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Whichsectorsareinvestorsprimarilytargeting?

–Sectorpreferencesvaryacrossregions.Multifamilyassetsaremost

preferredbyU.S.investorsbyawidemargin.However,interestinindustrial&logisticsfacilitiesremainsrobust,whileofficeandretailpropertiesbothgainedtraction.

–Europeaninvestorsmostfavorresidential(living)assetsbutinterestismorebalancedacrossothersectorsthanintheU.S.

–Asia-Pacificinvestorsmostfavorofficeassets,largelyduetoimproved

CBDdemandandrentgrowthinseveralmajormarkets,notablyAustralia,Japan,KoreaandSingapore.

–LatinAmericaninvestorsshowedthemostinterestinindustrial&logisticsassetsduetoanincreaseintrade-drivendemandacrosstheregion.

–DatacentersisamongthetopfivemostpreferredsectorsonlyinAsia-Pacific,despitegrowthofthedigitaleconomyglobally.

Figure5:Sectorpreferencebyregion

U.S.LatinAmericaEuropeAsia-Pacific

01

Multifamily

Industrial&Logistics

Residential

(Living)

Office

02

Industrial&Logistics

Multifamily

Industrial&Logistics

Industrial&Logistics

03

Retail

Office

Office

Residential

(Multifamily/Build-to-Rent)

04

Office

Retail

Retail

DataCenters

05

Alternatives

(Self-Storage,LifeSciences,etc.)

Hotels/Resorts

Hotels

Hotels

06

DataCenters

—

Alternatives

(Self-Storage,LifeSciences,etc.)

Residential

(Development/Build-to-Sell)

07

Hotels

—

DataCenters

Retail

IntelligentInvestment2026GlobalInvestorIntentionsSurvey

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Howdoinvestors’

2026pricingexpectations

comparewiththosein2025?

–Investorsentimenthasimprovedacrossallregionsandpricing

expectationsbetweenbuyersandsellersappeartobecloserthisyear.

ThisisespeciallytrueinEuropeandtoalesserextentNorthAmerica,

wheremoreinvestorsexpectnodiscountscomparedwithlastyear.MoreAsia-Pacificinvestorsarewillingtobidup,whichindicatesconfidencethatvalueshavebottomedout.

–NorthAmericaninvestorsaremostwillingtobidupforClassAoffice

assets,drivenbyexpectationsoffurthercapratecompression,alongwithmultifamilyproperties.Europeaninvestorsaremostwillingtobidupforresidential(living)assets,especiallyinmarketswithlimitedavailable

inventory.Asia-PacificinvestorshavethestrongestsentimentforClassAofficeassets,especiallygivenstructuralundersupplyinmanylocations

andstrongoccupierdemand.

–Afterseveralyearsofpositivesentiment,theindustrial&logisticssectorisseeingmoreinterestfrominvestorswithnoexpectationsofdiscounts.Thestill-recoveringretailsectorhasthemostinvestorsexpectingdiscounts.

SentimentforhotelassetsinAsia-PacificandEuroperemainsespeciallystrongamidincreasedtourismandbusinesstravel.

Figure6:NorthAmericapricingexpectations

Hotel

MultifamilyPrimeIndustrial&LogisticsHighStreetRetail

ClassAOffice(Core)

0%10%20%30%40%50%60%70%80%90%100%

Figure7:Europepricingexpectations

Hotel

MultifamilyPrimeIndustrial&LogisticsHighStreetRetail

ClassAOffice(Core)

0%10%20%30%40%50%60%70%80%90%100%

Figure8:Asia-Pacificpricingexpectations

Hotel

MultifamilyPrimeIndustrial&LogisticsHighStreetRetail

ClassAOffice(Core)

0%10%20%30%40%50%60%70%80%90%100%

LookingfordiscountsExpectingnodiscountWillingtobid-upassetsUnsure

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Whichalternativesectorsaremostattractiveforinvestors?

Figure9:NorthAmericapreferredalternatives

Figure10:Europe

preferredalternatives

Figure11:Asia-Pacificpreferredalternatives

–TheappetiteforalternativesectorsappearsstrongestinEuropeandAsia-Pacific.Nearly70%ofinvestorsineachregionsaidthattheyaretargetingatleastonealternativeassettype.WhileNorthAmericaninvestorshaverelativelylowerinterestinalternatives,self-storageassetsaremost

favored,followedbylandandindustrialoutdoorstorage.

–InAsia-Pacific,agingpopulations(especiallyinJapanandKorea)are

majortailwindsforthehealthcareandretirementlivingsectors.ThisisalsothecaseinEurope,althoughthestudenthousingsectorisatargetfor

morethanone-thirdofinvestorsduetorisingdemographic-drivendemand.

–Realestatedebtwasselectedasthethirdmostpreferredalternativein

EuropeandAsia-Pacificasnon-banklendingintheseregionscontinuestoincrease.Interestininfrastructureisalsosupportedbyaccelerating

urbanizationandupgrading.

SelfStorage

22%

Land

19%

Industrial

OutdoorStorage

14%

ColdStorage

10%

Healthcare

9%

StudentHousing

36%

RetirementLiving

23%

RealEstateDebt

22%

Healthcare

19%

Infrastructure

17%

Healthcare

36%

StudentHousing

27%

RealEstateDebt

27%

RetirementLiving

27%

Infrastructure

20%

03

TrendstoWatch

IntelligentInvestment2026GlobalInvestorIntentionsSurvey

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2026TrendstoWatch&InvestmentOutlook

Global

Realestateinvestorsintendtoincreaseinvestmentactivityin2026.RiskstotheglobaleconomyhaveincreasedduetotheMiddleEastconflict.However,webelievethattheglobaleconomicexpansionwillnotbederailedbyrisingoilprices,barringasignificantescalationofthehostilities.Commercialrealestate

continuestoofferbothcyclicalandstructuralinvestmentopportunitiesworldwide,particularlyasahedgeagainstinflation.Inthenearterm,totalreturnswilllikelybedrivenbyNOIgrowth,givenheighteneduncertaintyaboutoilprices.

NorthAmerica

NorthAmericaninvestorsentimentisrobust,withmostinvestorsplanningtoincreaserealestatebuyingand

capitalallocationsin2026.This,

alongsidehealthyfundamentalsandattractivepricepoints,underpins

CBRE'sexpectationofanincreaseinU.S.investmentvolumethisyear.

Whilepricinghaslargelystabilizedacrosspropertytypes,thepersistentpreferenceforhigh-qualityassets

acrossallsectorsandrelatively

limitedcapratecompressionoutlookunderscoretheneedfordiscerningmarketandassetselection.

Europe

Widebid-askspreadsremainthelargestperceivedchallengeforEuropeaninvestors.However,

investorsentimentisimprovingfollowingstronggrowthin

investmentvolumesin2025.

Investorsareimplementing

creativestrategiesandtargetingup-and-cominglocationsto

capturereturns,especiallyinSouthernEurope.

Asia-Pacific

Investmentactivityisforecasttoincreasethisyear,asnetbuyingintentionsstrengthen.With

expectationsoflimitedyield

compression,investorswillfocusonincomegrowthpotential.

Marketswithstrongrentgrowth,suchasofficeassetsinTokyo,SydneyandBrisbane,aresettooutperformintermsoftotal

returns.

LatinAmerica

LatinAmericaninvestors

largelyplantomaintainor

moderatelyincreasetheir

activitythisyear.Theywill

largelyfocusonlogisticsduetoanincreaseintrade-drivendemand.Manyfavorcore

strategiesbutsomearewillingtotargetopportunisticreturns.

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Profileof1,470SurveyRespondents

Figure12:Percentageofrespondentsbymarket

10%

47%

Asia-PacificEuropeLatinAmericaNorthAmerica

14%

29%

Figure13:Percentageofrespondentsbyinvestortype

10%

5%3%

8%

17%

8%

Fund/AssetManagerDeveloper/owner-ope