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由Richard Westlund.
对于机构亚博赞助欧冠投资者来说，有很多关于商业房地产。办公室，工业，零售，多家族，热情好客和其他类型的创收性能可以增加传统投资组合的大量多样性，提供稳定的现金流，具有升值的潜力，并为通货膨胀提供长期对冲。
“发达国家的商业房地产已被证明为投资资本提供有吸引力的回报，”投资组合管理领域和投资组合管理负责人，标志式基金，TIAA-CREF全球房地产。“因此，近年来，投资者进入房地产的流量变得更大，更全球化。”
从历史上看，房地产被包含在替代或真正的资产类别中。但根据Colliers International的资本市场和投资服务总裁Brian Ward，根据BrianDu道的说法，该分类正在迅速变化。“今天的房地产几乎处于核心桶中，”他说。“这是几乎每个机构投资者的投资组合的关键组成部分。”亚博赞助欧冠
然而，美国和世界各地的房地产物业需求不断增长，也推动了估值，使得能够更加困难，特别是在“热”大都市区。因此，一些机构投资者正在扩大到办公室亚博赞助欧冠市场之外的标准，包括酒店，零售，工业和自存特性。
“核心房地产的投资者将看出具有质量，稳定的物业的市场，”Peyton说。“在很多新兴市场中，机会躺在发展中，而不是举行这些类型的核心资产。因此，投资者对潜在的回报和与发展相关的较高风险的投资者可以参加更广泛的全球市场。“
上市或私人资产？
Long-term institutional investors have a wide range of real estate strategies, including direct ownership, participation in a private fund and buying shares in a publicly traded real estate investment trust (REIT).
“In the past ten years, the allocations to listed real estate have increased as a result of desire for liquidity, not because one is better than the other,” says Stephen Dunn, executive vice president and director of institutional marketing at Cohen & Steers. “In fact, the strategies complement each other, and the exact allocation depends on the specific investment objectives of an institution’s capital pool and liquidity needs.”
Typically, about 80 to 90 percent of the real estate investments by corporate defined benefit plans, as well as those of endowments and foundations, has been invested in private rather than listed real estate, says Dunn. He adds that, in general, public defined benefit plans and corporate funds have higher allocations to listed real estate because of their need for liquidity. In addition, listed real estate is increasingly being added to defined contribution plans, either as a stand-alone option or as a sleeve in custom target date funds.
In recent years the number of listed REITs has grown around the world (see chart). Now there are more than 400 listed real estate companies in developed and emerging markets, according to Jon Cheigh, executive vice president and global portfolio manager for Cohen & Steers’ real estate securities portfolios. “Today there are good opportunities in the listed market, where companies are trading at discounts from underlying real estate values,” he says. Other trends include a pickup in M&A activity in real estate companies, including acquisitions by private equity firms.
“We are neither early nor late in the development cycle,” adds Cheigh. “However, investors should be more cautious about allocating to private real estate, because that capital might not be invested for several years, which will likely prove to be a more challenging vintage. With liquid assets you’re invested the day you decide to get in and can withdraw your funds if you decide to get out.”
投资者服务公司总裁卡伦?威特坳liers International, notes that investors considering taking on development risk—either directly or through a joint venture—should take a close look at rising construction costs. “If the development is not getting out of the ground soon, it may not meet the pro forma financial projections,” she says.
多样化为全球市场在伦敦的房地产的全球联合研究中，寻求将房地产资产多元化的投资者应该考虑全球战略。“近年来，每个市场的各个部门，如办公室或工业物业，都变得更加密切相关，”她补充道。“因此，不同地点的持股可以为俯瞰自身市场的投资者提供更大的多样化益处。”
Cohen & Steers’ Dunn says that some institutional investors that already have U.S. exposure are interested in increasing their allocations to global real estate. “However, the U.S. is the most mature listed real estate market, with more REITs and less regulatory risk than Europe or Asia,” he explains. “The decision to acquire assets in Europe or Asia depends a great deal on how comfortable the investor and consultant are with a global real estate strategy.”
在美国，Colliers International的病房表示，在美国顶级房地产市场包括波士顿，纽约，华盛顿，西雅图，旧金山和洛杉矶。“这些地铁地区现在是白色热门的，因为技术和电子商务的高增长，”他说。“千禧一代正在推动这些区域经济，就像他们在其他主要发达国家一样。”
Looking at international markets, Whitt notes that central London is priced out and capital is moving north to Birmingham and Leeds. Investors are also looking at properties in Madrid and Warsaw, which is seen as a safe haven for Eastern European capital. “Hong Kong has issues regarding its relationship with China but has more market diversity than Shanghai,” Whitt says. “The core markets in China are okay, but tier-two markets will have problems, as there are so many uncompleted or unoccupied properties.”
在太平洋边缘的其他地方，惠特称新加坡的市场正在放缓，但悉尼和墨尔本仍然强劲。“东京正在展示一些力量，我们正在掌握那个市场的机会，”她补充道。“但是，由于其基本面强劲，但最受欢迎的全球市场仍然是美国。”
Although office remains the favored class globally, it’s hard to find core properties at an attractive price because of high demand and limited supply. “When I meet with large institutional clients, the conversation is always about the office market,” Whitt says. “We are also seeing continued interest in multifamily deals as well as more consideration of the industrial and retail sectors.”
在美国市场，Cheigh说，多型租赁和自储藏性质都很有吸引力。“公寓受益于正在进行的工作增长，以及千禧一代的人口偏好，以租用与拥有，”他补充道。“Self-storage is a less-established real estate sector in the U.S. and U.K. It’s not flashy or exciting, but it does generate cash flow, and there are noneconomic barriers to competition, as most neighborhoods don’t want these facilities in their own backyards.
Regardless of product type, local knowledge and research still provide the foundation for a successful real estate strategy. As TIAA- CREF’s Peyton says: “There are important demographic differences shaping real estate demand. Because metro areas also vary, you have to apply key trends on a very local basis.”