Where to invest? – A long term equilibrium analysis from a core perspective

Looking at investment intention surveys over the last years a common theme can be observed: Target real estate allocations of institutional investors have been increasing constantly! Since 2010 this development has lead to continuously increasing investment volumes as investors try to chase their moving target.

But 2016 was different. Not only did the political landscape create a lot of uncertainty resulting in investors being more cautious when making their investment decisions, but especially the investment markets struggled with product availability, leading to at or even declining investment volumes in many European countries although target allocations had risen again. Political uncertainties are clouding economic outlooks, interest-rate increases are on the horizon – or have already started – and the availability of product is challenging. Against this backdrop, investors are confronted with the question of where to deploy their money in 2017 according to their risk preferences and return expectations.

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