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  1. State Department for Housing and Urban Development, Kenya
  2. International Real Estate: An Institutional Approach
  3. Chapter 13: The Role of Real Estate Development in Urbanizing Cities
  4. Global real estate opportunities for private investors | The Wealth Report

State Department for Housing and Urban Development, Kenya

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Discover more Industry Outlooks. Get in touch. Robert T. Latest news from DeloitteFinSvcs Sharing news, research, blogs, and more. Join the conversation. Blockchain in commercial real estate: The future is here How blockchain-based smart contracts could revolutionize commercial real estate. Robotic and cognitive automation in real estate Reducing the productivity gap. Related topics. Keep me logged in. Forgot password. Connect your social accounts. The greatest challenge, as always, is to identify those markets that allow investors to sidestep the strongest competition, but which can still offer up compelling opportunities.

We believe that the best chance of doing so involves taking a global perspective.

International Real Estate: An Institutional Approach

To that end, we have selected a variety of themes and markets that we believe are worthy of consideration by any private investor targeting commercial real estate. Among developed economies, Australia stands out for its remarkable track record of strong and sustained growth, having escaping the financial crisis largely unscathed and avoided recession for the past 27 years. This is clearly a supportive backdrop for investment and, indeed, recent years have seen a strong run of growth in Australian commercial markets. Looking ahead, the outlook remains favourable, with strong population and employment growth continuing to create investment opportunities.

The question, then, is how best to tap into this growth potential? After all, many markets have already enjoyed a strong run of growth. We believe that there is still substantial opportunity, although at this stage in the cycle a more selective approach is needed. In Sydney, the market is experiencing very low vacancy rates and strong rental growth which is creating opportunity in the emerging urban fringes such as Pyrmont, Surry Hills and Alexandria as tenants increasingly seek an alternative to escalating rents in the CBD.

Many of these markets offer cutting edge amenities and in time will benefit from public infrastructure improvements. At the other end of the spectrum, both geographically and in terms of recent performance, is Perth, where the market has been subdued for several years due to a prolonged downturn in mining investment.

However, recent months have seen sentiment improve, with an upturn in tenant demand and prime vacancy now dropping fast. For example, international operators such as WeWork and Regus and new players such as the Beijing-based Ucommune have all expanded.

Chapter 13: The Role of Real Estate Development in Urbanizing Cities

The latter took 15, sq ft of space near Central and 20, sq ft in Kowloon during In response, a number of property developers and office landlords have converted traditional offices and, in some cases, retail areas, into co-working and co-event spaces. The Mustard Seed, owned by the Emperor Group, is a case in point. Meanwhile, Kafnu, an operator newly arrived from India with an extensive South-East Asian footprint, has an enhanced offer that also seeks to incorporate a short-term stay element.

Co-living, meanwhile, is still at a nascent stage.

Global real estate opportunities for private investors | The Wealth Report

Pamfleet recently launched the Nate studio apartments with value-added services in Tsim Sha Tsui. As investment horizons lengthen and investors seek ways to diversify their long-term income streams, some both private and institutional have taken defensive positions by investing in blue-chip tenanted long-leased real estate assets.

International Real Estate Investment & Development

The benefits of long-leased assets are that they traditionally have index- linked, upwards-only rental reviews, often for 20 years or longer. This provides investors with sustainable and predictable income growth during a period where significant further yield compression is looking less likely. Accessing the market is not always straightforward, however.

Private investors have sometimes found it difficult to acquire such assets given the weight of capital largely from institutions targeting the same product. In addition, strong pricing on long-leased core office, retail and logistics buildings has made it harder for these assets to produce the desired returns for private investors. Nevertheless, opportunities do exist in non-core office and industrial markets, including those assets with lease covenants that are robust, albeit perhaps not quite strong enough for the stringent institutional investor.

Equally, less traditional real estate asset classes such as service stations, healthcare facilities or hotels can provide an attractive income return for private investors and a strong lease covenant that might not otherwise be attainable with an office, retail or logistics asset. The retail sector may not be the natural first choice, given the current challenges it faces in some countries, and it is true that investor demand has been subdued.

However, the headwinds caused by the growth of e-commerce do not apply to all retail subsectors in equal measure. Supermarkets, for example, have long provided consistent, inflation-linked income for investors with limited downside, thanks to the non-discretionary nature of food spending. The blanket anti-retail approach adopted by some could provide private investors with a good opportunity to acquire long-leased, defensive assets with strong covenants, possibly at a significant discount to an equivalent office or industrial asset.

Economic momentum in mainland Europe is the strongest it has been for a number of years and investor interest has increased as a result. Germany is the standout performer, with strong economic fundamentals fuelling buoyant occupier markets across the country. However, given the strong pricing levels investors are having to reach to secure assets, some will need to look further afield for stock.

The Netherlands is a market currently in the crosshairs of many institutional investors due to its strong occupier market. Competition for core Amsterdam assets is increasing and investors have to price in strong future rental growth levels in order to secure assets. Opportunities do however lie in neighbouring Dutch cities such as The Hague and Rotterdam, which are also receiving the knock-on effects of strong economic conditions but which, as yet, have not seen pricing reach the levels of Amsterdam.