However, CBRE expects uncertainty will remain during the first part of the year at the expense of progress in the pandemic vaccination process. Areas such as rental housing, logistics, and other assets such as student and nursing homes are expected to remain on the rise.
These afore-mentioned investment figures would imply a return to the levels of 2019, as well as the period 2015-17, but far off the exceptional year of 2018 (20 billion euros). Rental housing was the star in 2020, with an investment of 1.7 billion euros, of which 1.4 billion were allocated to the Build to Rent modality (BTR).
This means that specialised funds or REITs buy entire housing developments, thus avoiding promoters’ high marketing costs, in exchange for reduced costs. With regard to logistics, the pandemic has given a new boost to this type of asset.
CBRE expects an investment this year of 2 billion euros, compared to 1.4 billion in 2020; one of the players in this field is Merlin Properties, in which logistics already represents nearly 10% of its GAV.