RICS：2025年第一季度全球商业地产监测报告（英文版）-三个皮匠报告

1、Global Commercial Property MonitorQ1 2025ECONOMICSResponses were gathered in conjunction with the following organisations:ECONOMICSGlobal investment enquiries pick up ahead of the escalation in tariff tensionsInevitably,the initial round of announcements regarding tariffs and the subsequent rowing b

2、ack of some of the measures has cast a shadow over the results of the Q1 2025 Global Commercial Property Monitor(GCPM).The survey remained open for a week and a half after President Trumps opening gambit with roughly one-third of responses being completed post April 2nd.Subsequent volatility in both

3、 equity and,arguably more importantly,bond markets,as well as concerns regarding the implications for the global economy will have had some bearing on the feedback received post Liberation Day.That said,with talk of the implementation of tariffs being part of market discourse even before this point(

4、and the subsequent 90 day pause in the application of many of the measures),the results from the latest GCPM still contain some interesting signals.Significantly,the headline level RICS Global Commercial Property Sentiment Index(CPSI)was little changed in the first three months of the year,coming in

5、 at-6 compared with-8 and-7 in the previous two quarters.That said,the last time this indicator reported a result better than the latest reading was actually in the early part of 2022,a point highlighted in Chart 1.In terms of the regional picture,the CPSI remains most positive in MEA where it came

6、in at+10 as against+11 in Q4 2024.Once again,it is the UAE where contributors are telling the most upbeat story.Meanwhile,the aggregate result for the Americas shows sentiment beginning to move in a more encouraging direction.The headline CPSI climbed from+2 to+5 reflecting,in part,the somewhat bett

RICS：2025年第一季度全球商业地产监测报告（中译版）（16页）.pdf

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