Reports

The continuing and accelerating trend toward the globalisation of all things worldwide has informed the way that we look at everything social, economic, cultural and political. And real estate – especially commercial property – is not exempt from this trend. However, I think it is critical to the understanding and evaluation of commercial real estate that we recognise at all times that while ‘capital flows’ for investment and financing of commercial property may be global for strategic investor purposes, the actual investment and financing is done on the local level. The head of one of the largest US private equity funds at a recent Real Estate Leadership Symposium in New York City responded to the moderator’s question that he did not have a ‘global property team’ but a strategic aggregation of local property specialists in select property markets around the world. The emphasis in his retort was that commercial property as an asset class is all local in nature and to forget that fact is a dangerous investment strategy. Yet the globalisation of capital flows cannot be denied or ignored as they compete with domestic capital every day in most sophisticated markets.

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