Nuveen：2026年第一季度全球房地产趋势与策略报告：机遇与风险分析（英文版）（79页）.pdf

1、NOT FDIC INSURED|NO BANK GUARANTEE|MAY LOSE VALUEGlobal trends and tacticsMARKETING COMMUNICATIONOPINION PIECE.PLEASE SEE IMPORTANT DISCLOSURES IN THE ENDNOTES.Real estate opportunities and risks in the current environment1Q26nuveen|Table of contents1.Global overview 32.United States 133.Europe 394.

2、Asia Pacific 62Table of contentsOPINION PIECE.PLEASE SEE IMPORTANT DISCLOSURES IN THE ENDNOTES.2nuveen|1.Global overviewOPINION PIECE.PLEASE SEE IMPORTANT DISCLOSURES IN THE ENDNOTES.352380964nuveen|OPINION PIECE.PLEASE SEE IMPORTANT DISCLOSURES IN THE ENDNOTES.Global real estate returns positive la

3、st six quartersFollowing a two-year reset,global private real estate values have ticked up for four consecutive quarters.Due to real estates stable income return component,total returns have now been positive for six consecutive quarters.Source:MSCI Global Quarterly Property Index(Q3 2025 data as of

4、 5 Dec 2025 data release);Nuveen Real Estate Research.-5%-4%-3%-2%-1%0%1%2%3%4%5%6%21Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q323Q424Q124Q224Q324Q425Q125Q225Q3Income returnCapital growthTotal returnGlobal unlevered quarterly returns52380965nuveen|OPINION PIECE.PLEASE SEE IMPORTANT DISCLOSURES IN THE

5、 ENDNOTES.Values are rebounding in most marketsMost of the countries across Europe are now beginning to show meaningful value increases.In Asia Pacific,Australia has stabilized while Japan and Korea moderate.In the Americas,U.S.values are trending up but values in Canada are still adjusting downward

6、.Source:MSCI Global Quarterly Property Index(Q3 2025 data as of 5 Dec 2025 data release);Nuveen Real Estate Research.Property value index,Q2 2022 Q3 2025(Q2 2022=100)7580859095100105110Asia PacificEuropeAmericas52380966nuveen|OPINION PIECE.PLEASE SEE IMPORTANT DISCLOSURES IN THE ENDNOTES.Returns pos