1、RESEARCHGLOBAL CAPITAL MARKETSA N N U A L R E V I E W 2 0 2 6F O R E W O R DOLIVER SALMONDirector,World ResearchRASHEED HASSANHead of Global Cross Border InvestmentCHARLOTTE RUSHTONAssociate,World ResearchCONTENTS02-03 GLOBAL SUMMARY04-12 LIVING13-21 LOGISTICS22-30 OFFICES31-34 MARKET VIEW35-37 KEY

2、TRANSACTIONS38 METHODOLOGYGlobal real estate investment continued to grow through 2025,sustaining the upward trend of the previous year,though activity remains below historic norms.The recovery has been led by the most liquid markets,while performance across regions has been varied.The overall pictu

3、re is one of steady but uneven progress,with periods of volatility and slower decisionmaking giving way to renewed momentum as delayed transactions move forward.Despite longer deal timelines and reduced activity levels,market sentiment and liquidity indicators continue to point to underlying resilie

4、nce and further growth in the year ahead.This quarterly report explores these global trends,looking at recent transactional activity,pricing,and investor behaviour in the living,logistics and office markets.We hope you find this report insightful and enjoyreading it.FOREWORD1G L O B A L S U M M A R

5、YGlobal real estate investment rose by nearly 10%in2025 in US-Dollar terms,or around 8%on a fixed-exchange-rate basis,given the nearly 8%decline in the trade-weighted value of the US dollar.This follows a similar increase in 2024,however,global activity remains around 20%below the preCovid19 average

6、,and 40%lower than the peak in 2021though the latter is not necessarily a meaningful or indeed helpful benchmark.The US continues to lead the recovery,not least because it is the worlds largest and most liquid real-estate market.Investment there increased by 18%in 2025 and now stands 30%above the 20