全球资本流H2 2021

按地区流入

H2 2021北美流入总计273亿美元以来，自2016年H2以来的最高水平，比2016年至2020年之间的五年H2平均水平增长了50％。这一增加的增加是由新加坡的投资者推动的，该投资者针对工业和物流资产。该区域。北美的亚太地区的总体流入率升至其第二高的H2水平。此外，欧洲和中东资本流向北美的资本在H1 2021中陷入困境后恢复了流行前水平。

欧洲的流入率同比增长41％，达到410亿美元，但比2016年至2020年之间的H2平均水平低4％。北美投资占欧洲总流入量的近70％。美国投资者主要寻求英国工业和物流资产，以及主要欧洲主要市场的主要办公资产。新加坡和加拿大的投资者在欧洲住宅市场非常活跃，分别占该地区流入的12％和7％。Apac和中东在欧洲的投资尚未完全恢复到大流行前水平，尽管两者均同比增加。

H2 2021 APAC inflows totaling US$9.6 billion were at their highest level in the past decade, largely driven by North American investors targeting the Australian industrial & logistics and office sectors. Singapore and Hong Kong also had significant deal flow from North American investors. However, APAC inflows represent only 12% of total cross-regional volume. APAC inflows are expected to increase in coming years, as investors seek higher yield and new investment opportunities.

跨区域流入

资料来源：CBRE研究2022，实际资本分析。

Inflows by Sector

在所有地区，跨区域全球资本中有45％针对工业和物流部门。新加坡投资者占针对该行业的跨区域流入的75％以上。在北美，针对工业和物流资产的H2 2021流入总计140亿美元，这是自2016年H1的办公室以来的任何领域最高的一半。住宅部门流入总计45亿美元的总计45亿美元是任何半年记录中最高的英国和韩国投资者的两次收购总额超过2.5亿美元。办公室流入的H2 2021降至75亿美元，但在2015年至2019年之间的流行前H2平均水平降低了22％。

In Europe, the industrial & logistics sectors posted an all-time H2 high of more than US$14 billion in cross-regional investment, nearly 50% above the previous record in H2 2020. While Europe’s residential sector was the second most targeted for total investment (both foreign and domestic), it was the third most targeted by foreign investors alone. This gap is expected to narrow in coming years as foreign investors seek exposure to the growing European multifamily market. Hotels also made a modest recovery, although cross regional deal flow was heavily concentrated in the U.K. and Spain, which garnered 80% of the US$2.7 billion in overall H2 2021 European-targeted cross-regional investment.

Industrial & logistics assets also were the most targeted in APAC, with a record H2 total of US$5.5 billion—150% above the half-year average between 2016 and 2020. Meanwhile, capital flows to the office sector totaled US$4.7 billion, marking a return to pre-pandemic H2 levels. The hotel sector also made a strong recovery, registering US$857 million in cross-regional capital inflows—slightly lower than the all-time high in H2 2019. Cross-regional retail capital flows still have not fully recovered, while the residential sector saw limited cross-regional activity.

Cross-regional Inflows by Sector

资料来源：CBRE研究2022，实际资本分析。

Inflows by Market

Boston received US$1.8 billion in cross-regional inflows in H2, a 300% year-over-year increase that was the highest rate of all major North American markets. New York City had the highest total volume of H2 inflows at just over US$3 billion. Chicago and Los Angeles were next most sought-after destinations in the region, with notable deal flow across all major real estate sectors, largely from French, German and Singaporean investors. Twenty North American markets each received cross-regional inflows totaling more than US$200 million.

英国是H2 2021年跨区域资本最有吸引力的欧洲目的地，吸引了超过53亿美元，这是任何全球市场中最高的，并且超过了下三个最大的市场。曼彻斯特和伯明翰在针对工业和物流资产的美国投资者的推动下，曼彻斯特和伯明翰的同比增长也很强。在欧洲其他地方，米兰在零售领域看到一台大型交易，价值不到10亿美元。德国城市，尤其是柏林和慕尼黑，吸引了许多北美投资者在广泛的资产中。巴黎的跨区域H2流入率达到14亿美元，是伦敦，柏林和米兰的第四高。

澳大利亚仍然是跨区域投资者最受欢迎的亚太地区。墨尔本和悉尼看到了大量交易。新加坡领导着所有亚洲市场，以跨区域流入为基础，并在办公室的一笔9.5亿美元的交易中引发。

Cross-regional Inflows by Market

资料来源：CBRE研究2022，实际资本分析。

Outflows by Region

H2 2021北美流出总额为400亿美元，比所有其他地区的总和还多。到达亚太地区的近90亿美元处于历史最高水平，而前往欧洲的310亿美元是流行前水平的回报。到目前为止，欧洲仍然是北美资本的最大接收者，占该地区的总投资总投资的80％。

欧洲投资资本主要是区域内（95％）。在H2 2021中，到其他地区的流出总计仅72亿美元，比2016年至2020年之间的半年平均水平下降了22％。欧洲投资者越来越针对北美几个主要城市的工业和物流以及办公资产。

In APAC, H2 2021 outflows increased by 112% year-over-year to US$26 billion—the highest H2 total since 2016. Deal flow from the region was primarily led by Singaporean investors. APAC was the only region with outflows to South America, totaling more than US$500 million.

Cross-regional Outflows by Region

资料来源：CBRE研究2022，实际资本分析。

Outflows by Sector

工业及物流行业吸引了45%的H2 2021 global outbound capital, followed by the office sector with 34%.

North American capital outflows were almost equally split between industrial & logistics and office assets. The office sector attracted 42% of European outflows, compared with 34% and 29% of North American and APAC outflows, respectively. Industrial & logistics assets attracted 56% of APAC outflows, compared with 37% and 22% from North America and Europe, respectively.

Cross-regional Outflows by Sector

资料来源：CBRE研究2022，实际资本分析。

Outflows by Market

North American investors contributed more than US$200 million to each of 16 European and nine APAC markets in H2 2021. Notable transactions included a major retail acquisition in Milan valued at just under US$1 billion. Among other major European markets, outflows to Berlin and Amsterdam returned to pre-pandemic half-year levels in H2. Outflows to London were at their highest H2 level since 2018 and grew by 43% relative to the pre-Brexit average between 2015 and 2019. Among APAC markets, Sydney, Melbourne, Hong Kong and Singapore attracted significant North American capital.

在纽约，波士顿和洛杉矶的领导下，近90％的欧洲出站资本于2021年H2 2021年去了北美。相对于2016年至2019年间流行前H2的平均水平，欧洲对波士顿和洛杉矶的投资分别增长了118％和80％。其余欧洲流出主要针对澳大利亚市场，主要是墨尔本和悉尼。

APAC investors almost exclusively targeted North American markets. London was the only non-U.S. market in the region’s top 10 most pursued destinations. APAC outflows to New York totaled nearly US$2 billion in H2, up from only US$150 million in H2 2020. APAC outflows to Chicago and Boston, the next two most sought-after North American markets, totaled nearly US$1.1 billion and US$980 million, respectively.

Cross-regional Outflows by Market

资料来源：CBRE研究2022，实际资本分析。

Robust global cross-regional capital flows to APAC, North America and Europe totaling a record US$77.5 billion in H2 helped to catalyze a surge in global investment volume in 2021. This was in sharp contrast with H2 2020, when cross-regional capital flows bottomed out due to COVID-driven market uncertainty and travel restrictions.

在大多数地区和旅游限制有所放松pandemic-related market uncertainty is waning. APAC and North American investors are expected to remain very active outside their home regions in 2022, while the recovery of outflows from Europe and the Middle East likely will continue.