2026年全球投资者意向调查报告

2026Global InvestorIntentions Survey REPORT CBRE RESEARCHMARCH 2026 Executive Summary –Investors across all regions indicated that they willbuy and sell more assets than last year, with theexpected magnitude of this activity the highest inNorth America. The 2026 Global Investor Intentions Survey was conducted acrossfour regions—North America, Europe Asia Pacific and LatinAmerica—and reflects the views of 1,470 respondents. Investorsentiment was broadly positive across all regions. This reportprovides an overview of the key themes that emerged, highlightingsimilarities and differences in investors views by region. The surveywas conducted in Q4 2025 and therefore does not reflect changes ininvestor sentiment since the outbreak of the Middle East conflict. –Value-add and core strategies were the mostpreferred globally. Limited availability of primeoffice space in certain markets is a key driver ofthis sentiment. –Expected tailwinds for property markets werelargely the same across all regions. However,perceived headwinds varied, ranging frommacroeconomic challenges to transaction-specificobstacles. Henry Chin –Residential assets are most sought after in NorthAmerica and Europe, while Asia-Pacific investorsprefer office assets and Latin American investorsfavor logistics facilities. –Risks to the global economy have increased due tothe Middle East conflict. Nevertheless, we believethat the global economic expansion will not bederailed by rising oil prices, barring a significantescalation of the hostilities. 01 Common Viewpoints How do investors expect their2026 investment activity todiffer from last year? –Most investors expect to increase their purchasing activity in 2026. Sellingactivity is also expected to remain strong across all regions, supportingliquidity as global investors seek to redeploy capital into new acquisitions. –While investors in each region plan to deploy capital in the largest markets,they are also paying close attention to locations that show positivedemographic trends. This is particularly the case in Southern Europe. –U.S. investors show the strongest intention to increase activity, with nearlythree-quarters of them expecting to make more acquisitions this year.With nearly half of U.S. investors planning to sell assets, this should drivehealthy competition for acquisitions and support firmer pricing. –European and Asia-Pacific investor intentions were broadly aligned, withmore than half of investors planning to buy more in 2026 and around 40%planning to sell more. –52% of Latin American investors said they expect to buy more, while 33%said they will sell more. Although stabilizing macroeconomic conditionshave led to more confidence in real estate markets across the region, manyLatin American investors expect to remain selective in their acquisitions. What are the favored strategies forreal estate investment in 2026? –Value-add and core-plus remain the most preferred strategies by morethan 60% of North American, European and Asia-Pacific investors. Limitedavailability of prime office space in certain markets, as well as betterpotential yields, has made these strategies a key focus. –Core strategies are seeing a slight rebound year-over-year as globalproperty markets continue to stabilize. The rebound is most evident inAsia-Pacific, while interest remains subdued in North America and Europe.Elevated risk-free rates are making it more difficult for core strategies tooffer attractive relative returns, subduing demand. –Latin American investors showed more diversity in preferred strategy dueto a wide range of available opportunities. One-quarter of them aretargeting core investments as a defensive strategy. Many others areseeking opportunistic assets. –Fewer investors favor debt strategies this year, likely reflecting lowerfinancing costs and greater capital availability for equity positions. What are the major tailwinds forreal estate investment in 2026? ReducedSupplyPipelineReducedSupplyPipeline –Reduced new supply pipelines are seen as a major tailwind in NorthAmerica, Europe and Asia-Pacific. New development of prime assets inmajor cities will likely not be enough to meet demand. This will underpininvestment returns from existing high-quality assets and make renovationprojects more viable. Conversion of older office assets in certain marketscould prove to be a net positive for the sector. –Lower debt costs than a year ago are also seen as a key tailwind acrossregions. As of the end of Q1 2026, CBRE expects the U.S. Federal ReserveBank to cut interest rates one time in the year’s second half, supportinginvestment activity. We believe that the rate-cutting cycle has largelyconcluded in Europe and Asia-Pacific. Competition among lenders has ledto lower margins for new loans on prime real estate. LowerDebtCosts –In North America and Europe, attractive price entry points are alsoidentified among the top tailwinds for investment in 2026. This reflectssignificant repri