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1、REPORTCBRE RESEARCHJUNE 20222022 Global Multifamily Investor Intentions SurveyIntelligent Investment2CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor Intentions Survey|Report Global gateway markets were most preferred by EMEA and Asia-Pacific respondents.Tokyo toppe

2、d the list for APAC,while Berlin overtook London in EMEA.Sun Belt markets again dominated investor preference in the Americas,largely due to their strong fundamentals.Boston was the only gateway market among the top-five most preferred markets in the Americas.Key FindingsLocation Preferences:Multifa

3、mily residential remained the second most preferred commercial type for investment in 2022,behind industrial&logistics.23%of survey respondents said multifamily was their primary sector target this year,down from 26%in 2021.This change was largely due to an increase in demand for industrial&logistic

4、s assets.Sector Preference:Student living overtook seniors housing as the most preferred multifamily alternative by survey respondents.Affordable housing saw the biggest gain globally for targeted investment into alternative residential assets.Multifamily Sector Alternatives:Nearly half of multifami

5、ly survey respondents were willing to bid above asking price for assets in 2022.Only 10%expected any pricing discounts,down from 23%in 2021.44%expected to purchase more assets than last year,while only 10%expected to purchase less.Global economic uncertainty,persistent inflation and rising interest

6、rates have produced some headwinds,including increased borrowing costs and capital markets volatility.These conditions have negatively affected asset pricingPricing&Strategy:CBREs 2022 Global Multifamily Investor Intentions Survey reveals strong investor sentiment despite concerns about inflation,in

7、terest rates and the COVID pandemic.The survey was conducted several weeks before Russias war with Ukraine began and before many central banks started raising interest rates to tame high inflation.Although markets have changed considerably over the past few months,the sentiment herein provides a mea

8、ningful baseline perspective.3CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor Intentions Survey|ReportContentsActivity Expectation&Preferred Markets SectionSurvey indicates bullish investor sentiment at the start of 20224Preferred SectorsU.S.Multifamily remains a k

9、ey focus for many investors92022 Market Outlook&Investment Forecast Generally positive sentiment but not without challenges13ESG Investing ESG criteria increasingly top-of-mind for investors18Respondent ProfileA by-the-numbers look at survey respondents200102030405Activity Expectation&Preferred Mark

10、ets Section01Survey indicates bullish investor sentiment at the start of 20225CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor Intentions Survey|ReportSource:CBRE Research,Real Capital Analytics,Q1 2022.Global multifamily investment in 2021 shatters previous record

11、in 2019 After a slight drop in 2020 due to the COVID pandemic,multifamily investment volume surged in 2021 to a record$452 billionup by 73%from the previous record in 2019.While the Americas was the clear leader of multifamily investment globally,other regions also experienced increases:EMEA up 58%a

12、nd APAC up 3%versus pre-pandemic levels in 2019.Figure 1:Global Multifamily Investment05010015020025030035040045050020112012201320142015201620172018201920202021U.S.$BillionsEMEAAPACAmericas6CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor Intentions Survey|Report26%

13、7%67%52%40%8%97%3%5%94%Source:CBRE Research,Real Capital Analytics,Q1 2022.Where Does Each Region Deploy Capital?Cross-border multifamily investment was limited in 2021.For example,97%of U.S.capital and 94%of EMEA capital targeting multifamily assets was deployed domestically.However,there were exce

14、ptions:More than half the Canadian and 26%of the APAC capital targeting multifamily assets was deployed in the U.S.Figure 2:Where Does Each Region Deploy Capital?United StatesCanadaEMEAAPACUnited StatesCanadaEMEAAPAC7CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor

15、Intentions Survey|ReportFigure 3:Which region will you primarily be targeting for cross-border real estate investment in 2022?Seventy-five percent of respondents in the Americas expected to invest in their country of origin or in North America this year.The remainder were primarily targeting Develop

16、ed and Emerging Asia.Only 39%of APAC respondents expected to invest within their own borders.The biggest cross-border targets of APAC investment were North America and Emerging Asia.North America Biggest Target for Cross-Border Investment,but Most Investors Stick to Their RegionSource:Global Investo

17、r Intentions Survey,CBRE Research,Q1 2022.0%20%40%60%80%No plans for cross-border investmentNorth AmericaDeveloped AsiaEmerging AsiaWestern EuropePacificSouth and Central AmericaCentral&Eastern EuropeMiddle EastGlobalAmericasEMEAAPAC8CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Mult

18、ifamily Investor Intentions Survey|ReportFigure 4:Which are the most attractive cities for multifamily investment in 2022?Source:Global Investor Intentions Survey,CBRE Research,Q1 2022.Global Gateways Held Top Spots for APAC&EMEA InvestorsAs they did last year,survey respondents in APAC overwhelming

19、ly picked Tokyo and Shanghai as the top markets for multifamily investment.Berlin was among the top markets for 29%of EMEA respondents,followed by London with 26%and Munich and Paris each with 21%.Amsterdam rounded out the top five with 20%.U.S.Sun Belt markets were the most favored by Americas resp

20、ondents,led by Dallas/Ft.Worth with 36%.Austin and Phoenix were tied with 31%,followed by Tampa with 26%.Boston was the only gateway market among the top five,favored by 21%of respondents.Dallas/Ft.Worth 36%Austin 31%Phoenix 31%Boston 21%Tampa 36%Munich 21%Paris 21%London 26%Berlin 29%Amsterdam 20%T

21、okyo 33%Shanghai 18%Singapore 5%Ho Chi Minh City 5%Sydney 5%Preferred Sectors02U.S.Multifamily remains a key focus for many investors10CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor Intentions Survey|ReportSource:Global Investor Intentions Survey,CBRE Research,Q1

22、2022.Multifamily Second Favorite Property Sector for 2022 Multifamily remained the second most preferred property type by survey respondents in 2022 after industrial&logistics.This preference was fairly consisted across regions,ranging from 14%in APAC to 23%in EMEA and 25%in the Americas.Conversely,

23、regional preferences for office assets were less consistent,favored first by 39%of EMEA respondents,30%of APAC respondents and only 6%of Americas respondents.Figure 5:Which Mainstream Property Type Will You Primarily Target for Investment in 2022?GlobalAPACEMEAAmericasIndustrial&LogisticsMultifamily

24、OfficeOtherRetailHotel/Resort42%23%21%7%4%3%36%14%30%6%7%7%21%23%39%7%6%4%59%25%6%6%2%2%11CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor Intentions Survey|ReportFigure 6:Preferred Property Sector as Primary Investment TargetThe preference for multifamily assets fe

25、ll to 23%in 2022 from 26%last year.The only sector that did not have a slight drop in overall preference from last year was industrial&logistics,which benefitted from strong e-commerce demand and consumer preference for home delivery.Investors appear to sense that this trend will remain a long-term

26、element of consumer behavior.Multifamily in Second Place for Fourth Year in a Row Source:Global Investor Intentions Survey,CBRE Research,Q1 2022.Note:EMEA not included in 2020 data.0%5%10%15%20%25%30%35%40%45%Industrial&LogisticsMultifamilyOfficeRetailHotels/Resorts20172018201920202021202212CBRE RES

27、EARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor Intentions Survey|ReportFigure 7:Are you actively pursuing investment in any of the following alternative sectors in 2022?Student living overtook seniors housing in this years survey as the preferred multifamily sector altern

28、ative.Affordable housing had the biggest year-over-year gain.Single-family rental housing(SFR)was given as an option only to survey respondents in the Americas and was their overwhelming top choice for multifamily alternatives.Investors Reshuffled Preferences for Multifamily Alternatives in 2022 Sou

29、rce:Global Investor Intentions Survey,CBRE Research,Q1 2022.Note:Multiple choices allowed.EMEA not included in 2020 data.Single-Family Rental,Mfd Housing,and Coliving options were only available to Americas respondants.051015202530StudentLivingSeniorsHousingSingle-FamilyRentalHousingAffordableHousin

30、gMfdHousingColiving%201820192020202120222022 Market Outlook&Investment Forecast03Generally positive sentiment but not without challenges14CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor Intentions Survey|ReportSource:Global Investor Intentions Survey,CBRE Research,

31、Q1 2022.Strong Sentiment Drove Expectations for Asset Pricing Nearly half(48%)of survey respondents indicated they were willing to pay above asking price for multifamily assets this year,second only to industrial&logistics assets at 58%.Despite the probability that this sentiment may have softened i

32、n Q2 due to rising interest rates and borrowing costs,investors still appeared bullish that strong multifamily fundamentals would continue to support pricing.Figure 8:What are your 2022 pricing expectations across different sectors?0%20%40%60%80%100%Industrial&LogisticsMultifamilyClass A Office(stab

33、ilized)Class A Office(value add)HotelHigh Street RetailShopping MallLarge discount(30%+)Mid discount(10-30%)Small discount(less than 10%)No discountWilling to bid above asking price15CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor Intentions Survey|ReportFigure 9:W

34、hat are the major challenges facing real estate investment in 2022?Survey respondents accurately identified many of the challenges the market faces today.Four of the top five anticipated challengeseconomic uncertainty,rising interest rates,high inflation and geopolitical uncertaintyare having full e

35、ffect right now and have eclipsed the top-rated challenge of intense competition pushing up capital values faster than expected.Survey respondents in the Americas were most concerned about higher-than-anticipated inflation,while EMEA respondents cited earlier-than-expected interest rate hikes and AP

36、AC respondents cited an uncertain economic environment as their top concerns.Note that this survey was conducted prior to the Russia-Ukraine conflict and central bank monetary tightening actions.As such,geopolitics and policy uncertainty were not as high in the rankings as they would likely be if th

37、e survey were conducted later in Q1.Competition&Uncertainty Biggest Challenges in 2022 Source:Global Investor Intentions Survey,CBRE Research,Q1 2022.0%10%20%30%40%50%60%Intense competition pushing up capital valuesfaster than expectedUncertain economic environmentEarlier-than-expected interest rate

38、 hikesHigher-than-anticipated inflationGeopolitics and policy uncertaintyNew waves of COVID-19 disrupting borderreopeningsShift in bank lending attitude in terms of LTV ratioand borrowing costWeaker-than-expected rental outlook16CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifami

39、ly Investor Intentions Survey|ReportFigure 10:What is your risk appetite compared with 2021?Globally,81%of survey respondents expected to have the same risk appetite in 2022 that they did in 2021.Higher risk appetite was expected by 12%,while only 3%expected a lower level of risk in multifamily asse

40、ts this year.Across the regions,APAC had the most respondents(22%)with a higher risk appetite for multifamily assets this year,as well as the most(12%)with a lower risk appetite.Multifamily Investors Risk Appetite Largely Unchanged in 2022 Source:Global Investor Intentions Survey,CBRE Research,Q1 20

41、22.0%10%20%30%40%50%60%70%80%90%Much HigherHigherAbout the SameLowerMuch LowerGlobalAmericasEMEAAPAC17CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor Intentions Survey|ReportFigure 11:What is your expectation for urban multifamily demand over the next three years?N

42、early 90%or survey respondents in the Americas and EMEA expected that multifamily rental demand will increase over the next three years,with the balance expecting it to remain unchanged.Respondents in the Americas were less bullish on urban multifamily rental demand,with 75%expecting only a moderate

43、 increase.Only 13%of them expected a strong increase for urban assets,compared with 34%who expected a strong increase for all types of multifamily assets.Short-Term Increase in Multifamily DemandSource:Global Investor Intentions Survey,CBRE Research,Q1 2022.Note:APAC investrors were not given this q

44、uestion.0%10%20%30%40%50%60%Very strongincreaseStrong IncreaseModerate IncreaseRemain the sameSlight DecreaseGlobalAmericasEMEAESG Investing04ESG criteria increasingly top-of-mind for investors19CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor Intentions Survey|Repo

45、rtFigure 12:What are the main ESG priorities?(select top three)Office,industrial and multifamily investors appeared to share similar top environmental,social and governance(ESG)concerns:meeting stakeholder targets,protecting asset value and protecting the environment.More multifamily investor respon

46、dents felt that their ESG strategies could help reduce overall costs than did investors in other asset types.Similarly,more multifamily investors cited community building as a top ESG priority.Investors Mostly Agreed on Key ESG PrioritiesSource:Global Investor Intentions Survey,CBRE Research,Q1 2022

47、.0%10%20%30%40%50%60%70%80%Maintain orexpand accessto financingCommunitybuildingReduce costsAdhere withrelevantregulationsObtain a rentalpremium overnon-ESGcertified assetsEnhance brandimage or gaincertificationsAdvanceinclusive andwell-beingpolices in theworkplaceIncreasegovernancediversity andtran

48、sparencyProtect theenvironmentProtect thefuture value ofreal estateassetsMeetstakeholdertargetsOfficeIndustrialMultifamilyRespondent Profile05A by-the-numbers look at survey respondents21CBRE RESEARCH 2022 CBRE,INC.Intelligent Investment2022 Global Multifamily Investor Intentions Survey|ReportReal E

49、state Fund27%Developer/Owner/Operator26%Private Equity Fund23%Insurance Company9%Pension Fund7%Other6%REIT2%Figure 13:Percentage of Survey Respondent Investor TypesSource:CBRE ResearchCBREs 2022 Global Multifamily Investor Intentions Survey was derived from our broader 2022 Global Investor Intention

50、s Survey,nearly 1,500 respondents to which specified the residential/multifamily sector as a primary target.The survey was conducted between Dec.21,2021 and Feb.8,2022.Who Took Part in Our SurveyFigure 14:Percentage of Respondents by AUMSource:CBRE Research$10-$25 billion10%$50 billion22%$5 billion4

51、6%$25-$50 billion12%$5-$10 billion10%Copyright 2022.All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based views of the commercial real estate market.Although CBRE believes its views reflect market conditions on the date of this presentati

52、on,they are subject tosignificant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,projections and analyses,

53、andactual market conditionsin the future may cause CBREscurrent viewsto later be incorrect.CBREhasno obligation to update itsviewsherein ifitsopinions,projections,analysesor market circumstanceslater change.Nothing in this report should be construed as an indicator of the future performance of CBREs

54、 securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all liability forsecurities purchased or sold based on information herein,and by viewing this report,you waive all claims

55、against CBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of theinformation herein.ResearchBenjamin PipernosSenior Research Analyst,Global Investor Thought LTravis DeeseAssociate Director,Multifamily RResearchRichard BarkhamGlobal Chief Economist&Head of Americas RHenry Chin,Ph.D.Global Head of Investor Thought Leadership&Head of Research,Asia P.hkContactsResearchMatt VanceAmericas Head of Multifamily RDarin MellottSenior Director,Capital Markets RJennet SiebritsUK Head of R