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Insight The Great Wall of Money

发布时间:2012-03-23 作者: 出自:

Available capital for investment into commercial real estate markets during
2012 has fallen 6% to US$298bn globally in the last six months (Figure 1).
 This decline in available capital was due to a 12% reduction in debt, which
overwhelmed the 4% increase in equity capital. The average LTV ratio was
down from 58% to 54% over the same period.
 Total available capital fell as funds put existing money to work, eating in to the
stock of capital already raised. This was only partly offset by an increase in
new capital, up to US$53bn from US$30bn.
 Our data indicates increased levels of cross border investment into APAC and
EMEA. APAC remains popular, with 33% of investment capital coming from
outside the region. This compares to EMEA at 19% and the Americas at 8%.
 The US and APAC now make up 64% of targeted capital. This is not
surprising as they contain a larger number of attractive markets as indicated
by the DTZ Fair Value Index™. However, we have not yet seen a
corresponding decline in the capital targeting EMEA despite markets
becoming less attractive.

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