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Global Property Sales Post Quarterly Recovery
Global commercial real estate investment increased by 23% quarter-over-quarter to reach $147 billion for the third quarter, according to CBRE. The lift came especially from the U.S., where dollar volume rose 34% from Q2.
On a year-over-year basis, though, global investment volume fell by 48% in Q3 and was down 31% year-to-date.
“A gradual recovery has begun in commercial real estate investment,” CBRE says. The firm’s Richard Barkham and Wei Luo report that investor sentiment has risen greatly in Asia, where the rate of COVID-19 infections has eased. The same holds true in parts of Europe, although a recent resurgence of infections in countries like France and Italy threatens to derail the recovery.
In the Americas, despite the broader economic recovery and the uptick in property sales volume, “investors remain in a period of price discovery and risk aversion,” according to CBRE’s latest Global MarketFlash.
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