2026年全球房地产投资展望报告

Momentumreturns to in 2025, despite significant uncertainty. In the second half of theyear, we began to see market momentum building. Institutionalinvestors who had stepped back from their home markets aremarket momentum while adapting to new market realities.This report brings together the views of our senior experts around the world, our research data and insights from our recent surveyof international investors. Our goal is to provide you with a clearpicture of the trends shaping the market and, most importantly, steadily. Investors are becoming more selective and strategic,exploring opportunities beyond domestic and U.S. markets intoEurope and high-growth Asia Pacific (APAC) economies. More arepursuing specialised approaches, from upgrading assets to meetWe hope you find it a useful guide as you navigate your strategiesfor 2026. EMEA Capital Markets tactical, thoughtful approach, not a slowdown. It’s a sign of maturity, Capital deployment Migration to more active strategies A global rebalancing as investors seek diversification Investors are pursuing a more balanced global allocationin 2026, as reflected in fundraising trends. By the endof Q3 2025, global fundraising equaled the 2024 total ofaround US$165 billion. North America accounted for 40%of the total, down from 50% in 2024 despite a notable Our 2026 investor capital deployment analysis points toa clear shift toward more active, controlled strategies.Investors increasingly favour direct investments andseparate accounts over traditional fund structures, driven Global Keythemes investment is reflected in private equity and secondaryfunds increasingly investing in both property-owningentities (“propcos”) and operating businesses (“opcos”).year-on-year.While the U.S. remains a key market, global allocations are clearly shifting as multi-regional strategies gainmomentum. allocations, evolving investor preferencesand persistent cost pressures, the followingthemes capture the forces shaping capital Multi-regionalNorth AmericaEurope Global market drivers Building and operating costs remaina challenge Wariness around tariff and tech risks The impact of tariffs and geopoliticalrisks has been limited so far, buttrade tensions could affect pricesand consumption. Rising inflation High labour and raw material costscontinue to weigh on constructionactivity across sectors, whileelevated operating costs remaina key concern. These pressures lower material, labour and energycosts could boost development in2026, particularly in undersupplied On the positive side, sentiment potential global equity bubble, withstretched valuations and imbalancedconcentrations of capital having the toward real estate fundamentalsis improving. Market liquidity, debtand capital costs, and rental growthare viewed more favourably, whileconcerns over value declines and Investment strategies led by market dynamics A supportive monetary policy environment asuncertainty persists Markets such as the U.S. and the UK face a delicatebalance between slow economic growth and persistentinflation, but additional rate cuts are likely in early 2026as policymakers lean toward economic stimulus. Stronginflows into debt and credit markets have created ample less appealing to investors than core (17%) and core-plus(20%) strategies for 2026. As a result, these strategies areattracting more interest than current fundraising trendsindicate. In total, 37% of investors prefer these approaches,compared with just 9% of funds being raised for core andSource: Colliers 2026 Global Investor Outlook Survey favour core and core-plusstrategies, but only 9% of realestate funds are being raised. A return of core capital across all sectors is expected to accelerate a broad-based recovery through 2026. Valuations and investor expectations have steadily movedcloser to equilibrium in many locations and asset classes, which should encourage more buyers and sellers to execute trades as confidence in the market’s momentumgrows. There are far fewer investors expecting values to contract than in previous years. Equally, those anticipating stellar returns have also diminished, as some Sector preferences Offices back in the spotlight Overshadowed by industrial and logistics (I&L) and multifamily assets since the COVID-19 pandemic, office assets arecoming back into focus for investors globally. Office activity in APAC remains strong, there has been a significant uptickin activity across Europe and there are early signs of a pickup in momentum in North America. Activity is concentrating Data centres boom but investors to grow more discerning There has been a dramatic surge in the amount of capitalbeing raised for data centers, with PERE research showingthe sector accounted for 31% of total capital raised inQ1-Q3 2025, up from an average of 15% since 2020. ThisStudent housing market, investor interest is global, driven by rapid AIgrowth and corporate investment from large tech firmsand infrastructure