미국 상업용 부동산은 여전히 투자매력 있으나 맨하탄, 워싱턴 DC 등의 Trophy건물들은 피하고 중소형 도시들 휴스턴, 피츠버그 등의 부동산을 추천한 분석 자료. Right Time To Buy U.S. CRE, But Forget The Trophies june 10, 2013 by bca research leave a comment inShare16 There is a buying opportunity in U.S. commercial real estate (CRE). Although some markets have sharply appreciated over the past two-three years, there are still opportunities to pursue. According to our Global Real Estate Strategyservice, U.S. CRE is only partly through its latest cycle. This is a liquidity-driven cycle; it will continue to benefit from investors’ search for assets that produce a steady income flow. Some markets are mature and have limited opportunities, while others are still in recovery mode and will provide good growth potential. More specifically, mainstream markets such as Manhattan, Washington D.C. and Silicon Valley, have helped compress the overall average U.S. cap rate. These trophy locations are overcrowded with investors and sensitive to future interest rate normalization. Their ultra-liquid, ultra-safe attributes are partly bought for reasons other than pure investment returns. Cap rates in these markets have compressed more sharply and are now vulnerable to a correction in government bond yields. However, there are plenty of opportunities in commercial real estate outside of the trophy markets that offer more attractive cap rates. Our real estate team prefers economically-robust secondary markets where real estate offers both high income and good value: Houston and Pittsburgh are good examples.
Posted on: Sun, 23 Jun 2013 05:40:14 +0000
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