A multi-speed recovery is taking place in commercial real estate fundamentals, just as it is in the underlying economies of the world. Yet, the capital markets are recovering at a uniformly high speed in nearly every major country. This is but one of many unanticipated trends faced by investors in international real estate. A review of recent surprises and an attempt to identify future surprises, illustrate how a US-centric view misses important trends and interesting investment opportunities. High growth markets in Brazil, China and India are awash in domestic capital. Better risk-adjusted returns might be found elsewhere. Gaps in the capital stack of lower-growth countries could provide returns similar to those earned in emerging markets, but with much lower levels of development and leasing risk, and much higher levels of transparency.
1010 Affordable Housing Architecture Asia Australia bonds Borrowing Constraints California Canada China coastal markets cold storage Colombia Commercial Brokerage Commercial Real Estate commissions Congestion consumer bias covid-19 CRE credit card market Credit Default Swaps Credit Insurance Credit Risk Transfers Culture data centers Debt Market Demand Demographics Density Development Discrete Choice disruption Diversity e-Commerce Economic Corridors economic policy economics education election studies Equity Market Ethnic Factors Europe Fannie Mae financial asset management Foreclosures France Freddie Mac general equilibrium Global global economy Global Financial Crisis great depression Great Recession healthy buildings Hedonic hospitality Housing & Residential housing boom Housing Disease housing prices Housing Supply Identity Income Inequality India inflation Inter-generational mobility interest rates Investing Lagging Regions land use regulation Language life sciences Macroeconomics Microeconomics Migration Minimum Payments Mixed-Use Mobility moral hazard mortgage insurance mortgage market Mortgage Rates Mortgages Multi-family Nation Building Non-Traditional Mortgages office sector pension funds Placed Based Policies Political Risk Price Discovery public health public policy Public Schools real estate brokerage Real Estate Investment Real Estate Investment Trusts Recession Rental Retail Retirement reverse mortgages risk management risk-shifting single family housing Slums Sorting South America Spatial Regions spillover effect stimulus package Sub-Prime Mortgages Supply Chains Sustainability Technology telecommunications unemployment United States Urban Urbanization welfare work from home