China’s Consumers are a Major Global Opportunity

Since China’s economic take-off in 2000, investment has driven GDP while the contribution of consumers’ spending diminished. This is common in export-oriented economies, but China’s low private consumption has continued for over a decade, setting it apart. There are many factors behind this: the uncertainty created by the transition from full-blown communism caused households to

HK’s Bay Area is Breaking Down the Boundaries

All attention was on President Xi Jinping’s economic agenda for China as the Boao Forum in Hainan province drew to a close nearly four weeks ago. Few noticed there was a panel discussion running simultaneously, in which Hong Kong Chief Executive Carrie Lam, Guangdong’s governor and other political and business heavyweights debated plans for the

Let Me Vote

Spring has sprung. Flowers are blooming, birds are chirping and another political primary season is upon us. Televised political ads are rampant, with politicians asking for our support. As a public speaker at civic and industry events throughout Maryland, I’m an advocate for the state in general and Baltimore in particular. I care deeply about

The Estate We’re In

As we move through 2018, the global economy is in good form and the real estate market is buzzing with innovation. How will it play out over the next 12 months? Global economic growth will continue and with it demand from occupiers. Unemployment is falling across the world, boosting consumer confidence and spending. Business investment

Global CRE Investment Increases

The annual growth rate of commercial real estate (CRE) investment in 2017 (single-asset, portfolio and entity-level transactions) was revised up from 3.6% to 4.9% globally, with better than previously reported growth in all regions. APAC registered the highest growth of 22.1%, followed by EMEA (13.8%). Americas volume was down by 4.6% (versus -6.3% previously reported),

3 Reasons Why the Surge in Global M&A is good for Real Estate

In the first quarter of 2018, Global Mergers and Acquisition (M&A) was up by 51% on the first quarter of 2017. The total volume of activity, reported by Dealogic was US$1.2 trillion, up on US$792 billion from a year earlier. Yesterday, Dealogic reported that the surge in activity had continued into the second quarter with

The Invisible Economists

“See Me, Feel Me, Touch Me, Heal Me” – Pete Townshend, The Who Along with Ray Torto and Glenn Mueller—two former colleagues and men who I consider giants of the commercial real estate research industry—I recently participated in a panel discussion at the American Real Estate Society in Bonita Springs, Fla. Ray holds a special place

Chinese Investment to Continue, Even as Pace of Deployment Slows

China has been a major driver of global investment flows into real estate in recent years. CBRE Research data shows that Chinese outbound investment in real estate rose from around US$8 billion in 2013 to just over US$35 billion ($45.7 billion) in 2017. Following a government clampdown on debt-fuelled offshore investment and tighter scrutiny of

SOFR to the Rescue?

The Federal Reserve Bank of New York recently commenced publication of a new short-term rate benchmark. The Secured

Logistics Demand Driven by Prices as well as Technology, Demographics

This real estate cycle is remarkable for its length and the shift in activity between property types. Single family homes have given way to apartments; retail has ceded ground to industrial and logistics. Technology and demographics are often seen as the big drivers of change but there is a more basic explanation that comes from