Global growth remains positive but fragile, with conflict becoming a defining narrative of the year. Whether in trade, technology or geopolitics, competition and confrontation are increasingly shaping the outlook. Energy markets have absorbed Middle East tensions better than feared, though lower inventories raise the risk of future price volatility. The AI build-out is still supporting demand, particularly in the US and East Asia, but also creates concentration risks if productivity gains or earnings disappoint. Meanwhile, renewed tariffs underline the risk of a more entrenched global trade war.
Against this backdrop, real estate capital markets remain resilient rather than buoyant. Global investment activity reached around US$250bn in Q2, up 13% y/y, with a stronger pipeline supporting expectations of further growth in 2026. However, sentiment has ebbed following the outbreak of conflict in Iran, and opportunity is increasingly selective, led by conviction in fundamentals, and those sectors with clear income growth drivers.
This quarterly report explores these global trends, looking at recent transactional activity, pricing, and investor behaviour in North America, Europe, and APAC regions. We hope you find these three reports insightful and enjoy reading them.
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