普华永道&ULI：2026年全球房地产新兴趋势报告（英文版）（51页）.pdf

1、1Global Outlook2CHANGING CAPITAL CURRENTSCHAPTER 2ABOUTTHE REPORTPLAYING THE LONG GAMECHAPTER 1EXECUTIVESUMMARYWELCOMECONTENTS3“The deglobalisation trend should be positive for real estate demand.The global theme that we are watching is the security of everything.”Private equity real estate investor

2、EXECUTIVESUMMARY SINGAPOREEXECUTIVE SUMMARYPREVIOUS NEXT4Industry concerns:Challenges aheadNorth AmericaAsia PacificEuropeEuropean economic growthLabour costs/availabilityInterest rates/cost of capitalTrade friction/geopolitical tensionsJob and income growthImmigration policyState and local regulati

3、onsInternational political instabilityInterest rates/cost of capitalHousing affordabilityConstruction costsEuropean political instabilityEscalation of global conflictsLow yieldsAsian economic growthThe real estate industry is buoyed by improving fundamentals and the increasing availability of capita

4、l as a new cycle gathers momentum,and yet the prevailing geopolitical uncertainty still presents investors with a major test of nerve.According to the senior property professionals interviewed for this Global edition of Emerging Trends in Real Estate,there is a sense that the asset class is coming“o

5、ff the lows in terms of valuations”,with liquidity returning to the United States,Europe and Asia Pacific.Positive momentum is also attributed to the rotation out of technology stocks into the real economy and more traditional asset classes.But as all three regional reports underline,this is an indu

6、stry undergoing an extended transition period,with optimism around opportunities not always matched by capital commitments.At a time when passive ownership of buildings is challenging and operational real estate is viewed as a more compelling route to value creation,some of the markets hesitancy is