保德信房地产：2026年全球房地产市场展望报告： 把握早期的价值投资机遇（英文版）（19页）.pdf

1、2026 GLOBAL REAL ESTATE VIEWS|PGIM 1Forecasts are not guaranteed and may not be a reliable indicator of future results.2026 GLOBAL REAL ESTATE VIEWS A COMPELLING VINTAGEFinding Value Early in the CycleFor professional investors only.All investments involve risk,including possible loss of capital.For

2、ecasts are not guaranteed and may not be a reliable indicator of future results.2 PGIM|2026 GLOBAL REAL ESTATE VIEWSFOREWORDCATHY MARCUSCo-Head&Global Chief Operating Officer Real EstateRAIMONDO AMABILECo-Head&Global Chief Investment Officer Real EstateWith 2026 off to an eventful start,were pleased

3、 to put the noise of market volatility and geopolitics into context and explain what it all means for real estate with our Global Real Estate Views,the latest thinking from our Investment Research team.We hope this provides the actionable guidance you need as you make your real estate allocation and

4、 selection decisions in an evolving macro environment.As we look at the market today,one thing is clear:The biggest risk we see for real estate is not the noise;it is sitting on the sidelines.There will never be a risk-free moment.This is precisely why high-quality real estate matters more in portfo

5、lios in this environment.It can provide durable income,income growth,and a stabilizing anchor when day-to-day public market volatility is elevated.In other parts of the financial market,especially equities,todays elevated price-to-earnings ratios leave little room for error and create a risk to futu

6、re returns.Real estate is in a different place.After a sharp correction and a slow,uneven recovery so far,we see todays lower values as setting up a meaningful tailwind for returns in the years ahead.We manage one of the largest and most diverse real estate platforms in the world and the signals are