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第一太平戴维斯(Savills):2026年全球房地产资本市场年度回顾报告(中译版)(40页).pdf

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1、RESEARCHGLOBAL CAPITAL MARKETSA N N U A L R E V I E W 2 0 2 6F O R E W O R DOLIVER SALMONDirector,World ResearchRASHEED HASSANHead of Global Cross Border InvestmentCHARLOTTE RUSHTONAssociate,World ResearchCONTENTS02-03 GLOBAL SUMMARY04-12 LIVING13-21 LOGISTICS22-30 OFFICES31-34 MARKET VIEW35-37 KEY

2、TRANSACTIONS38 METHODOLOGYGlobal real estate investment continued to grow through 2025,sustaining the upward trend of the previous year,though activity remains below historic norms.The recovery has been led by the most liquid markets,while performance across regions has been varied.The overall pictu

3、re is one of steady but uneven progress,with periods of volatility and slower decisionmaking giving way to renewed momentum as delayed transactions move forward.Despite longer deal timelines and reduced activity levels,market sentiment and liquidity indicators continue to point to underlying resilie

4、nce and further growth in the year ahead.This quarterly report explores these global trends,looking at recent transactional activity,pricing,and investor behaviour in the living,logistics and office markets.We hope you find this report insightful and enjoyreading it.FOREWORD1G L O B A L S U M M A R

5、YGlobal real estate investment rose by nearly 10%in2025 in US-Dollar terms,or around 8%on a fixed-exchange-rate basis,given the nearly 8%decline in the trade-weighted value of the US dollar.This follows a similar increase in 2024,however,global activity remains around 20%below the preCovid19 average

6、,and 40%lower than the peak in 2021though the latter is not necessarily a meaningful or indeed helpful benchmark.The US continues to lead the recovery,not least because it is the worlds largest and most liquid real-estate market.Investment there increased by 18%in 2025 and now stands 30%above the 20

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1. **全球地产投资增长**:2025年全球地产投资增长10%(美元计价),达约2770亿美元,但仍低于疫情前20%和2021年峰值40%。美国增长18%领跑,欧洲和亚太持平但区域分化明显。 2. **居住板块**:投资增长15%至2770亿美元,学生住宿(PBSA)增长22%(210亿美元),医疗养老增长70%(400亿美元);美国占主导,澳大利亚和日本亚太表现强劲。 3. **物流板块**:投资增长6%至2160亿美元,市场“正常化”趋势明显,美国占51%(1110亿美元),欧洲EMEA下降2%,亚太下降6%但澳日稳健。 4. **办公板块**:投资增长18%至2080亿美元,占比升至23%;美国反弹38%(800亿美元),纽约、旧金山领涨,但中国上海投资下降17%。 5. **市场韧性**:尽管波动(如关税政策),投资者情绪和流动性指标显示复苏持续,预计2026年全球投资再增15%。
全球地产复苏了吗? 办公楼投资回暖了吗? 物流市场降温了吗?
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