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2024 Global Investor Outlook

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As experts in commercial real estate, our work is built on successfully identifying and navigating opportunities for our clients. In our fourth annual Global Investor Outlook report, we provide a comprehensive, in-depth look at the trends set to dominate the investment market and where we think opportunities can be found in the year ahead. We have synthesised views from our senior Capital Markets experts and investors around the world.

In 2024, challenging conditions will persist, but a clearer rate outlook and tightening bid-ask spreads appear to be on the horizon. As investors continue to seek stability in policy environments, the industrial & logistics (I&L), multifamily and office sectors largely remain their top picks in the upcoming year. As momentum builds, the best-positioned investors will be those who are ready to act on opportunity.

Global Key Themes

  • Real estate assets retain appeal despite ‘higher for longer’ interest rates. Pricing will continue to adjust to a more realistic equilibrium, and we expect transactions to pick up in H2 2024.
  • Pockets of opportunity are continuing to emerge under tighter conditions. Property funds are facing redemption pressures, and a higher cost of capital is seeing more owner occupiers unlock capital via sale and leaseback transactions.
  • A calmer rate environment is coaxing out capital. We anticipate investors will begin to deploy capital that is primarily opportunistic or value-add led on a selective basis.
  • Investors continuing to flock to I&L assets due to their perceived stability and growth potential. Investors are migrating to related sub-sectors such as cold/dark storage.
  • Number of alliances are growing as investors look at different opportunities to pool resources and mobilise funds. The complexity of accessing some specialised assets such as student housing and data centres will drive more partnerships and joint ventures between investors and developers.
  • Growing acceptance of ESG as a key element of investment decision-making. A record proportion (25%) of investors surveyed have ESG-based disposal and acquisition strategies in place, particularly in EMEA and APAC – up from 10% just two years ago. We expect a wave of disposals and value-add opportunities to enter the market.

Download our 2024 Global Investor Outlook below. For more insights and a detailed discussion on capital markets trends and investment opportunities, talk to one of our experts today.


Related Experts

Lachlan MacGillivray

Managing Director, Asia Pacific | Retail Capital Markets

Sydney

Specialising in the sale of major shopping centres, Lachlan has managed the sale of over $18 billion worth of shopping centres, working with a wide range of clients including institutional, international and private investors.

In 2021, Lachlan’s team transacted the largest retail deal in Australian history, with the sale of Pacific Fair and Macquarie Centre for $2.2 billion. This deal represents the largest retail transaction globally since 2018. He also secured the second largest agency retail transaction in Australia at $1.00 billion in the sale of Pacific Werribee and Pacific Epping.

In 2019, Lachlan's team transacted 83% of all retail assets greater than $100 million, equalling a total of $3.58 billion in sales. These included:
• The sale of Westfield Marion, SA for $670 million (50% interest);
• The sale of Westfield Burwood, NSW for $575 million (50% interest);
• The sale of Garden City Booragoon, WA for $575 million (50% interest);

In the last 5 years, Lachlan has sold 8 out of the 9 Australian regional shopping centres that were presented to market, and has successfully marketed over 100 different assets. Lachlan has achieved the largest individual transaction in Australian history with the sale of Indooroopilly Shopping Centre, QLD for $810 million (50% interest). 

With an in-depth understanding of shopping centre performance, Lachlan can provide you with expert advice on the sale and acquisition of all your retail investment:

• Capital Partnering / Joint Ventures / Portfolio Transactions
• Asset Marketing and campaign strategy, implementation and execution
• Shopping centre acquisition and disposal
• Sale negotiation and transaction
• Strategic asset positioning and repositioning to maximise asset performance
• Buy side investment advisory

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