Global commercial real estate investment fell by 31% year-over-year to US$184 billion in the first quarter, with U.S. volume down 28% Y-O-Y, CBRE’s Richard Barkham reported Friday. On a trailing 12-month basis, volume was down by 33% from a year ago.
Markets remained soft compared with 2019 but recovery is well underway in the Asia Pacific (APAC) region, where Q1 volume increased by 6% year-over-year. Within APAC, many markets, including China, Korea, Taiwan and India, recorded a stronger Q1 than the five-year average between 2015 and 2019. Q1’s Y-O-Y growth exceeded 50% in Taiwan, Australia, Singapore and India, offsetting softness in markets such as Japan and Hong Kong.
Countries with the highest vaccination rates, namely the U.S. and U.K., outperformed their peers in Q1 investment volume. Based on the current pace of immunization and the broader economic recovery, CBRE projected investment nearing pre-pandemic levels in 2021’s second half.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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