Report | United States Investment Outlook - Q2 2015
An expanding supply of domestic and foreign capital is shifting the U.S. transaction environment. U.S. cities are dominating global activity, accounting for seven of the ten most active markets in the first half of 2015. The U.S. has seen $232 billion of investment sales across property types year-to-date, and the multifamily, retail and industrial asset types are above or on pace to surpass peak 2007 investment levels by year-end.
As competition broadens, investors are diversifying across market, product and structural transaction segments in search of product and yield. Most recently, this has driven a noteworthy expansion of portfolio, entity-level and large single asset transactions.
Going forward, strong activity and an active deal pipeline are supportive of year-end growth forecasts of 20.0 percent. The pending interest rate rise will be a pivotal test for the U.S. market. However, with strong market fundamentals and healthy pricing spreads relative to the 2007 peak, the market is well positioned for continued growth into 2016.
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