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Redefining Retail Investment Global Real Estate Futures

In this publication, Jeremy Nowak, President and CEO of The Reinvestment Fund, examines the role of community-based arts and cultural activity in neighborhood development and points towards strategies for building an integrated vision of creativity and development. It focuses on the ways cultural activity and neighborhood development have complementary and in some ways intertwined missions, and offers a framework for flexible investment and funding that supports this synthesis and can contribute to imaginative and substantive urban revitalization | Retail Intelligence Global Foresight Series 2012 e Jones Lang LaSalle Real value in a changing world Redefining Retail Investment Global Real Estate Futures 2 Redefining Retail Investment 2012 Executive Summary The First Wave of Globalisation This paper explores the changing patterns of investment into retail real estate around the world. Over the past decade more than one trillion US dollars of retail real estate has been traded across the globe representing nearly a quarter of total direct investment into commercial real estate. Institutional capital is seeking greater retail exposure as it taps into favourable global demographics and growing consumer classes and is attracted by the sector s defensive qualities during times of uncertainty. As a consequence retail s contribution to total commercial real estate investment has risen from 19 in 2007 to nearly 30 by 2011. Retail investment has been gaining momentum. Last year annual volumes totalled US 122.5 billion up 53 on 2010 and well above the long-run average of just over US 100 billion a year. With US 50 billion already traded in the first half of 2012 and a healthy deals pipeline for the second half of the year we are on track to match 2011 levels in 2012. The retail investment market is globalising. Cross-border activity which accounted for less than one-quarter of volumes back in 2004 now accounts for nearly half of trade. Inter-regional activity has seen particularly strong growth in tandem with the rise of a number of global investors and shopping centre operators. 2011 and H1 2012 saw a record US 46 billion of inter-regional capital flows. A Diverse Global Landscape The globalisation of retail investment is creating a wide diversity of investible geographies. Our research identifies six categories of retail destination from the well-established Advanced and Mature investment markets through to the rapidly evolving Transitional and Growth markets and on to the Emerging and Frontier markets. The traditional