Institutional property investors turned to global gateway cities to diversify portfolios and generate capital growth in the years since the 2008 global financial crisis. As global gateway cities’ outperformance put downward pressure on their yield, we’ve seen a larger percentage of purchase expenditure flow to secondary office markets since 2017 - a trend that the COVID-19 pandemic might have accelerated.Investment performance within global cities also varied over the 10 years to June 2020. While some of the outperformance can be attributed to yield compression, these cities also delivered higher income growth.Pandemic-era trends may affect income growth and investment return for office property in global gateway cities, where office property long attracted more capital inflows and produced higher capital growth than secondary markets did.
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