Colliers publishes 'Global Capital Flows | March 2026'

Colliers International Japan Co., Ltd. (Representative: Masahiro Tanigawa, Headquarters: Chiyoda-ku, Tokyo, NASDAQ and TSX: CIGI, hereafter 'Colliers Japan'), a major comprehensive real estate consulting service, has published the Japanese translation of their latest report, 'Global Capital Flows | March 2026', which analyzes global commercial real estate investment and financing trends.

Based on the full-year investment performance of 2025, this report uses Colliers' proprietary analysis and various data to summarize investment flows by region and sector, cross-border capital trends, changes in the financing environment, and the outlook for the macroeconomic and financial environment heading into 2026.

2025 Global Real Estate Investment on a Recovery Trend with Clear Regional Differences Global real estate investment volume in 2025 recovered, showing an 8.2% increase year-over-year. North America showed the most significant recovery with a 15.4% increase year-over-year, and EMEA (Europe, Middle East, and Africa) also performed steadily with an 8.6% increase. Meanwhile, although APAC (Asia-Pacific region) saw only a 1.7% increase, investment activity remained solid in key markets, primarily Japan and Australia, indicating that investor confidence in major markets is being maintained.

EMEA Maintains Top Position as Cross-Border Investment Destination, Japan's Presence Also Grows As a destination for cross-border capital, EMEA continued to be the world's central receptacle. On the other hand, Japan and Australia expanded their investment shares, exceeding their past 5-year averages, further elevating their status as crucial investment destinations for both global and regional investors.

Multifamily is the Largest Sector, Office Investment also Recovers On a trailing 24-month basis, multifamily housing accounted for approximately 25% of all investment, remaining the largest sector. Industrial real estate and offices followed, with offices showing a significant recovery particularly in the second half of 2025. In addition, retail facilities are on a recovery trend in various regions, and data centers are increasing their presence as an independent asset class.

Financing Environment Improves, Capital for Data Centers Rapidly Expands Global real estate financing volume in 2025 significantly recovered with a 28.9% year-over-year increase, marking the third-highest level in the past seven years. While risk-on strategies such as opportunistic and value-add accounted for the majority of the total, financing for data centers surged, reflecting a marked increase in investor demand driven by AI and digitalization.