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Spreads return to normal, while property sector performance diverges.
Rate cuts support real estate values. Economy is a risk to tenant demand.
US real estate investors are entering year four of a period of relative calm, income-driven performance. Demand is strong. Supply should be monitored closely. Capital flows are supportive but not excessive, even as spreads show signs of easing.
The economy held up better than expected in the first quarter of 2019, while some major central banks have turned dovish. Delayed policy tightening is supportive of real estate and investment activity was weaker across all regions with cap rates levelling off. We think occupier and investor markets look more resilient to any shock from the economy than they were prior to the global financial crisis.
• Transaction represents first institutional Club Deal of UBS’s European Club Deal strategy • La Forgiatura campus is a redeveloped former industrial site • 100% carbon-free scheme, delivering strong sustainability credentials