LaSalle Investment Management

In our March 6th  ISA Quick Take,  “Real estate implications of conflict in the Middle East” , we argued that the impact of the war in the Middle East would depend on its duration, and in particular, how long the Strait of Hormuz remains blocked. We foresaw “a wide cone of potential outcomes” as analysts predicted timelines for the end of fighting ranging from a week to several months.1   Looking...

The what, why and how of Industrial Outdoor Storage (IOS)

A reader waking up from a quarter-long slumber on April 1, 2025 would be forgiven for confusing the headlines for an April Fools’ Day prank. They would scan the news and see stories about: • large tariffs alternately announced, rescinded, delayed and reintroduced at a breakneck pace (see  LaSalle Macro Quarterly ,  or  LMQ , p. 4); • US equities in correction territory as ex-US markets, including...

Listen in as Dave White and Dominic Silman discuss questions about debt investing in Europe: 0:10-1:37 How have RED opportunities changed in the last few years? 1:38-2:50 How has LaSalle determined where and what to invest in? 2:54-4:21 What does all of this actually mean for investors?

Listen in as Dave White and Brett Ormrod discuss questions about debt investing in Europe: 0:10-1:10 Why do green loans seem to be the exception? 1:12-2:03 How is this affecting the market? 2:05-3:03 How are sponsors and investors responding to these challenges? 3:05-3:45 What does this mean for investors bottom lines? 3:48-4:37 How would you summarise the current opportunity?

The summer and autumn of 2024 saw growing optimism among real estate investors. The belief that the dawn of 2025 would open with sunny skies for the real estate market was driven by falls in interest rates from peak levels, fading economic growth concerns and real estate valuations now more aligned with market transactions. But with more uncertainty creeping into the picture in late 2024, especial...

While dawn is universal, across Europe it can appear different from each location and every angle. European real estate is transiting inflection points following a deep capital market correction. The INREV ODCE index shifted in the latest quarter from declines to positive after seven down quarters. Against this backdrop, we share our  Impressions of a Rising Cycle in Europe , with a focus on what...

In the Global chapter of  ISA Outlook 2025 , we look at how to make the most of this new dawn and the opportunities it may present, but with a watchful eye on ways the new day could go off track. We examine these through four broad themes in this year’s report: the  morning sky , the  capital stack hangover , the  breakfast menu , and the  early bird . We examine each of these concepts in turn, an...

We regularly receive questions about past property market dislocations and what they might tell us about today, such as:  Is office the new retail?, Will the 7+ years it took retail to rebalance be a template for office?  and  Should we be worried about the wave of supply in US apartments? In our latest ISA Focus report, Rebalancing past and present, we engage in patten recognition across a range...

One of the most important factors we consider when deciding where to invest capital is the transparency of a real estate market. This encompasses the transparency of market fundamentals and investment performance, as well as: its legal and regulatory transparency, the prevalence of listed vehicles, the transparency of transactions processes, and the transparency of reporting on sustainability fact...

While traditional banks’ appetite for providing commercial real estate loans has declined, other lenders (including investment management firms such as LaSalle) have moved in to fill the funding gap. As a result, we have recently seen increasing interest from institutional investors in real estate debt. But what is it about real estate debt that makes it a compelling investment? As the second larg...

We published the global chapter of the ISA Outlook 2024 on November 14, 2023, just before euphoria about a potential ‘V’-shaped property market turnaround emerged. Interest rates fell quickly as financial markets priced in several US Federal Reserve (Fed) rate cuts in 2024. For a time, it looked as though our prediction that it would take a little longer for markets to digest a renewed spike in ra...

Recognition has grown substantially in recent years that climate risk can shape real estate investment outcomes. This owes to an increasing frequency and severity of loss events,1 surging insurance premiums,2 improving data availability and a mounting reporting burden driven by regulations.3 Investors have had to move quickly from acquiring basic climate risk literacy, to sourcing good quality cli...

Roughly 60% of the world’s population lives in countries facing major elections in 2024, markets representing 65% of the institutional investable real estate universe.1 Elections are, of course, the cornerstone of the democratic process, which in turn underpins the appeal of the most transparent, investable markets; that said, elections come with the possibility of policy changes that may impact r...

Purpose-built student accommodation (PBSA) in Europe ranks as one of our top-conviction sectors for investment in the coming years. No longer deserving of the “niche” label in the United Kingdom, it is already more institutional than any other type of living sectors property in the country and is rapidly maturing in Continental Europe as well. The rise of student accommodation on investors’ buy li...

In the past decade, the urbanization narrative in the United States has shifted from the “rebirth of cities” to the “rise of the suburbs.” What are the drivers of this shift, and how does it impact real estate? In this ISA Briefing, we tackle these questions and share our outlook for how future dynamics could impact migration and urbanization trends. Contributors: Brian Klinksiek Global Head of Re...

The sheer size and complexity of the Asia Pacific region means real estate markets and investment opportunities are as diverse as the region itself. In the final chapter of  ISA Outlook 2024 , we discuss this complexity and how China’s new economies – such as high-tech manufacturing and biotechnology – are growing rapidly and, after more than two decades, Japan is hoping to bid  sayōnara  to defla...

Against a volatile macroeconomic backdrop and with growth expected to slow, we believe that in 2024 it will be the trajectory of interest rates that will have the greatest impact on real estate values in the US and Canada. As investors continue to adapt to cooler conditions, this chapter of  ISA Outlook 2024  examines the current landscape and looks ahead to the coming year, including where we see...

European property markets have been waiting for a peak in European Central Bank and Bank of England policy rates, for an end to the war in Ukraine and for bid-ask pricing spreads to resolve. Investors ready to move out of waiting mode in 2024 can benefit from rebased prices, opportunities to solve capital stack equations, and strong fundamentals in many sectors. In this chapter of  ISA Outlook 202...

The global macroeconomic context for real estate remains unsettled, and more so than earlier in 2023. Until late summer, interest rates in most major markets exhibited high volatility, but little overall trend. They moved mainly sideways, owing to cooling inflation and expectations that central banks were reaching the end of their tightening cycles. This was helpful in setting a pricing baseline f...

We have been fielding questions on two big macroeconomic topics impacting the Asia-Pacific region: (1) the outlook for China’s economic recovery and (2) the path of the Bank of Japan’s monetary policy. These involve legitimate worries about China’s growth engine and the risk of interest rate hikes in Japan.  Nonetheless, we find that media coverage of these topics can sometimes sensationalize thei...

The art and science of portfolio construction matters most when market conditions change suddenly. This has never been truer than in the past few years, which saw major pivots in capital markets as policymakers shifted from trying to stimulate the economy at the start of the pandemic, to applying the breaks to prevent inflation running out of control. The speed and unpredictability of these change...

In recent editions of LaSalle Macro Quarterly (LMQ), many charts have highlighted interest rate rises. LaSalle has especially focused on the repricing of income-producing real estate that rate rises have triggered in much of the globe. But the spike in rates is also having an impact on owner-occupied residential real estate, which accounts for a much larger share of the global property pie than do...

Through history, residential rent controls have tended to appear at times of external shock and dislocation. COVID-19 and the subsequent inflationary spike have proven to be such a catalyst. Changes to rent regulations can potentially  reshape the risk-reward profile of residential investments, impacting values over both short and long timescales. As we set out in a previous piece, A New Wave of R...

We property strategists are accustomed to working with traditional real estate variables such as net absorption, rental growth and vacancy rates. But in the early days of the COVID-19 pandemic, there was no choice but to go on a crash course in previously unfamiliar epidemiological concepts like positivity rates, R-naught¹ and vaccine effectiveness, as these suddenly became drivers of short-term r...