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Gateway cities have remained in exceptionally high demand, with many core, global players in particular still firmly focused on the most liquid and accessible markets. Yields in most such cities are now near record lows, and as a result, interest has spread to other cities, forcing a narrowing in the yield gap between primary and secondary cities. Amidst heightened global volatility, however, this increase in risk taking has become more subdued in recent months, with some investors pushing back towards core cities. For example, the largest 25 targets significantly increased their market share over the year: a trend led by the USA and exemplified by New York, again the number one global market with an 8% market share.
New York has in fact increased its market share, driven by foreign buying in particular. London was again the second largest market overall but top for foreign buyers, while Tokyo, Los Angeles and San Francisco made up the rest of the top 5 — unchanged on last year. Los Angeles was the top city for industrial, London for offices and New York for retail, hospitality and multifamily.
Source : Cushman & Wakefield
