Recalibration, Not Retreat
The first quarter of 2025 marked a return to fundamentals. Across sectors and continents, real estate markets are navigating a macro environment defined by steady interest rates, evolving investor appetite, and an intensified focus on asset differentiation.
This is no longer the era of “growth at all costs.” Strategy now favors adaptive models, asset-level innovation, and long-term value creation over short-term gains.
Office: Flight to Experience, Not Just Quality
Global Insight: Traditional location and class categories are giving way to performance-based metrics. Offices are being redefined as ecosystems for culture, creativity, and collaboration.
United States: Gateway cities saw increased leasing activity for flexible, hospitality-inspired spaces. Class A+ assets with tenant-first amenities continue to outperform.
Europe: ESG-aligned renovations in London and Berlin are driving premium rents and ESG fund interest.
Asia: Singapore and Seoul experienced strong Q1 absorption from AI and fintech tenants, reinforcing tech-led demand.
Emerging Trend: Occupiers are shifting from long-term leases to portfolio agility—favoring buildings that deliver flexibility, wellness, and brand resonance.
Industrial: Logistics, Data, and the New Infrastructure
Global Insight: Demand continues to outpace supply in core markets, driven by nearshoring, AI infrastructure, and last-mile logistics.
North America: Cold storage, dark kitchens, and EV-related manufacturing are fueling speculative development in secondary cities.
LATAM: Industrial REITs are growing fast, particularly in Monterrey and Querétaro, where US supply chains are anchoring regional demand.
Asia & MENA: The UAE and Vietnam are becoming regional hubs for automated logistics and fulfillment innovation.
Strategic Note: Data centers are now being valued not just as digital infrastructure, but as core CRE assets with 15–20 year lease horizons and institutional-grade returns.
Multifamily: Resilient, Responsive, Regional
Global Insight: While rental growth has moderated, demand remains resilient across urban and suburban nodes. Investors are pivoting to longer-term asset strategies with operational upside.
United States: Midwest and Northeast cities outperformed Sunbelt growth markets due to tighter supply pipelines.
Europe: Build-to-Rent assets are gaining institutional capital, particularly in the Netherlands and Ireland, where affordability drives occupancy.
LATAM: Colombia and Mexico saw foreign capital inflows targeting U.S. dollar-denominated luxury rentals and multifamily towers in high-growth corridors.
Emerging Trend: Rent tech platforms and smart amenities are being used to elevate NOI, particularly in competitive metros.Precios Promedio por Pie CuadradoMercados de Propiedades Multifamiliares (2025)Ciudad / Región, Precio Promedio por Pie Cuadrado y Notas Clave:
Nueva York (Manhattan)$1,200 – $1,800 | Demanda sostenida por espacios de alta calidad; proyectos en desarrollo.
Londres (Kensington & Chelsea)£1,486 – £2,044 (~$1,850 – $2,550) | Áreas prime con precios elevados.
Dubái (Palm Jumeirah)AED 2,045 – 2,600 (~$557 – $709) | Áreas de lujo con alta demanda.
Seúl (Gangnam)₩1,200,000,000 por 807 ft² (~$1,485/ft²) | Precios elevados en zonas premium.
RiadSAR 5,530/m² (~$513/ft²) | Aumento del 40% en los últimos cuatro años.
São Paulo (Faria Lima)$3,200 – $4,200/m² (~$297 – $390/ft²) | Zonas financieras con alta demanda.
MonterreyMXN 63,001 – 70,819/m² (~$330 – $370/ft²) | Precios más altos en apartamentos que en casas.
Bogotá (Chapinero / Rosales)COP 6,000,000 – 8,500,000/m² (~$130 – $185/ft²) | Alta demanda de multifamiliares en zonas mixtas y bien conectadas.
Cannes (Croisette / La Californie)€8,500 – €12,000/m² (~$840 – $1,180/ft²) | Mercado de lujo con fuerte influencia internacional.
Retail: Experience-Led, Community-Driven
Global Insight: Retail is evolving into a curated, mixed-use environment where experience, convenience, and placemaking converge.
United States: Power centers anchored by wellness, grocery, and value retail are outperforming traditional malls.
Europe: Adaptive reuse is fueling high-street transformations in Paris, Milan, and Copenhagen.
LATAM: E-commerce integration and experiential tenancy (restaurants, coworking, clinics) are key to Latin American mall recovery.
Capital Rotation: Institutional investors are slowly returning to well-located open-air retail, often as part of mixed-use portfolios.
Hospitality: From Leisure to Lifestyle Investment
Global Insight: The line between hospitality and residential continues to blur, with hybrid assets seeing investor and user appeal.
Global Performance: RevPAR increased 7% year-over-year, driven by luxury and lifestyle segments across Dubai, Tokyo, and Southern Europe.
Ownership Models: Branded residences, boutique resorts, and hybrid hotel-living formats are redefining investor appetite.
Developer Strategy: Leading groups are capitalizing on the "revenge travel 2.0" wave with ultra-luxury, wellness-forward offerings in emerging leisure destinations.
ESG & Sustainability Innovation: From Compliance to Competitive Edge
Global Insight: ESG has evolved from a regulatory check-box into a strategic driver of asset performance, valuation, and capital allocation.
Green Premiums: Buildings with LEED, BREEAM, or WELL certifications are achieving rent premiums of 5–12% across primary markets.
Decarbonization Investments: Top institutional landlords are investing in energy retrofits, smart metering, and electrification—particularly in Europe and North America where regulatory pressure is mounting.
Emerging Markets: Cities like Dubai, São Paulo, and Jakarta are seeing a rise in sustainability-forward developments as local policy and international investor pressure converge.
Proptech Integration: Climate risk scoring, carbon accounting platforms, and digital twin models are becoming essential tools for underwriting and asset management.
Capital Markets: Patience Meets Precision
Global Insight: Capital is cautiously returning, with a clear preference for defensive assets and well-capitalized sponsors.
Global Dry Powder: Private equity and sovereign funds are sitting on over $450B in unallocated CRE capital, now directed at core-plus and opportunistic strategies.
Cross-Border Activity: Slower but more strategic—focused on assets with strong ESG credentials, recurring income, and value-add potential.
Deal Structures: Joint ventures, preferred equity, and convertible debt instruments are rising in popularity as a hedge against market uncertainty.
Investor Sentiment: Industrial, multifamily, and alternative sectors (student housing, healthcare, data centers) remain top picks for institutional portfolios.
Urban Futures: Culture, Placemaking & Planning as Value Catalysts
Global Insight: The most forward-thinking cities aren’t just building taller—they’re building smarter, more inclusive, and more culturally resonant environments. Urban planning, infrastructure, and cultural assets are becoming key drivers of real estate desirability and investor conviction.
Paris: The Grand Paris Express—Europe’s largest transport project—is progressing steadily, with multiple station openings forecast through 2025. This €35B investment is redrawing the urban map and catalyzing suburban real estate development, especially in Saint-Denis and Villejuif.
New York City: In Q4 2024, the reopening of the Frick Collection in its renovated Madison Avenue mansion—and the Hudson River greenway expansion—demonstrated the city’s commitment to cultural enrichment and accessible public realms. CRE players are eyeing the surrounding corridors for boutique offices and residential repositioning.
Dubai: In Dubai South, alongside Azizi’s Venice and Riviera developments, urban planners are shaping a self-contained aerotropolis around Al Maktoum International Airport, now under major expansion. Smart zoning for logistics, lifestyle, and culture (Expo City Dubai continues as a legacy innovation hub) is attracting both institutional investors and first-time international buyers.
São Paulo: The Q4 2024 launch of Parque Augusta, a long-awaited green space in the heart of the city, has transformed the surrounding Bela Vista district. Mixed-use developments, student housing, and life sciences campuses are following suit, particularly as remote work fuels return-to-city-center demand.
Seoul: The Seoullo 7017 Skygarden extension was completed in late 2024, enhancing the city’s pedestrian-first vision and stimulating urban revitalization around Seoul Station. This public realm initiative continues to support high-rise mixed-use and hospitality assets across the Yongsan and Jung districts.
Riyadh: As Vision 2030 accelerates, King Salman Park and the New Murabba Downtown Project—a $50B mega-district with the iconic Mukaab at its core—began phased construction. Global interest in adjacent hospitality, cultural venues, and retail anchors is intensifying, offering long-horizon potential for global real estate funds.
Final Thought: Strategy Before Sentiment
Q1 2025 shows us that the global CRE market is not simply recovering—it’s recalibrating. Investors, developers, and occupiers alike are no longer chasing hype, but instead pursuing deeply researched, forward-looking strategies that balance risk, innovation, and long-term value creation.
Positioning matters more than ever. In a world of compressed margins and rising expectations, real estate success is no longer about owning square footage—it’s about delivering solutions.
——————————— Español
Resumen Ejecutivo:
Recalibración, No Retirada
El primer trimestre de 2025 marcó un retorno a los fundamentos. A través de diversos sectores y continentes, los mercados inmobiliarios están navegando un entorno macroeconómico definido por tasas de interés estables, un apetito inversor en evolución y un enfoque intensificado en la diferenciación de activos.
Ya no es la era del "crecimiento a toda costa". La estrategia ahora favorece modelos adaptativos, innovación a nivel de activos y creación de valor a largo plazo sobre ganancias a corto plazo.
Oficinas: Búsqueda de Experiencia, No Solo de Calidad
Perspectiva Global: Las categorías tradicionales de ubicación y clase están dando paso a métricas basadas en el rendimiento. Las oficinas se están redefiniendo como ecosistemas para la cultura, la creatividad y la colaboración.
Estados Unidos: Las ciudades principales vieron un aumento en la actividad de arrendamiento para espacios flexibles inspirados en la hospitalidad. Los activos de Clase A+ con comodidades centradas en el inquilino continúan superando.
Europa: Las renovaciones alineadas con ESG en Londres y Berlín están impulsando alquileres premium y el interés de fondos ESG.
Asia: Singapur y Seúl experimentaron una fuerte absorción en el primer trimestre por parte de inquilinos de IA y fintech, reforzando la demanda liderada por la tecnología.
Tendencia Emergente: Los ocupantes están cambiando de arrendamientos a largo plazo a una agilidad en la cartera, favoreciendo edificios que ofrecen flexibilidad, bienestar y resonancia de marca.
Industrial: Logística, Datos y la Nueva Infraestructura
Perspectiva Global: La demanda continúa superando la oferta en los mercados principales, impulsada por la relocalización, la infraestructura de IA y la logística de última milla.
Norteamérica: El almacenamiento en frío, las cocinas oscuras y la fabricación relacionada con vehículos eléctricos están impulsando el desarrollo especulativo en ciudades secundarias.
LATAM: Los FIBRAs industriales están creciendo rápidamente, particularmente en Monterrey y Querétaro, donde las cadenas de suministro de EE. UU. están anclando la demanda regional.
Asia y MENA: Los Emiratos Árabes Unidos y Vietnam se están convirtiendo en centros regionales para la logística automatizada y la innovación en cumplimiento.
Nota Estratégica: Los centros de datos ahora se valoran no solo como infraestructura digital, sino como activos inmobiliarios comerciales centrales con horizontes de arrendamiento de 15 a 20 años y retornos de grado institucional.
Multifamiliar: Resiliente, Receptivo, Regional
Perspectiva Global: Aunque el crecimiento de los alquileres se ha moderado, la demanda sigue siendo resiliente en nodos urbanos y suburbanos. Los inversores están pivotando hacia estrategias de activos a largo plazo con potencial operativo.
Estados Unidos: Las ciudades del Medio Oeste y el Noreste superaron a los mercados de crecimiento del Sunbelt debido a tuberías de suministro más ajustadas.
Europa: Los activos de Build-to-Rent están ganando capital institucional, particularmente en los Países Bajos e Irlanda, donde la asequibilidad impulsa la ocupación.
LATAM: Colombia y México vieron entradas de capital extranjero dirigidas a alquileres de lujo denominados en dólares estadounidenses y torres multifamiliares en corredores de alto crecimiento.
Tendencia Emergente: Las plataformas de tecnología de alquiler y las comodidades inteligentes se están utilizando para elevar el NOI, particularmente en áreas metropolitanas competitivas.
Retail: Liderado por la Experiencia, Impulsado por la Comunidad
Perspectiva Global: El retail está evolucionando hacia un entorno mixto y curado donde convergen la experiencia, la conveniencia y la creación de lugares.
Estados Unidos: Los centros de poder anclados por bienestar, supermercados y retail de valor están superando a los centros comerciales tradicionales.
Europa: La reutilización adaptativa está impulsando transformaciones en las calles principales de París, Milán y Copenhague.
LATAM: La integración del comercio electrónico y la ocupación experiencial (restaurantes, coworking, clínicas) son clave para la recuperación de los centros comerciales latinoamericanos.
Rotación de Capital: Los inversores institucionales están regresando lentamente al retail al aire libre bien ubicado, a menudo como parte de carteras de uso mixto.
Hospitalidad: De Ocio a Inversión en Estilo de Vida
Perspectiva Global: La línea entre hospitalidad y residencial continúa difuminándose, con activos híbridos atrayendo tanto a inversores como a usuarios.
Desempeño Global: El RevPAR aumentó un 7% interanual, impulsado por segmentos de lujo y estilo de vida en Dubái, Tokio y el sur de Europa.
Modelos de Propiedad: Las residencias de marca, resorts boutique y formatos híbridos de hotel-vivienda están redefiniendo el apetito inversor.
Estrategia del Desarrollador: Los grupos líderes están capitalizando la ola de "viajes de venganza 2.0" con ofertas ultra-lujosas y orientadas al bienestar en destinos de ocio emergentes.
Innovación en ESG y Sostenibilidad: De Cumplimiento a Ventaja Competitiva
Perspectiva Global: El ESG ha evolucionado de una casilla regulatoria a un impulsor estratégico del rendimiento de activos, valoración y asignación de capital.
Primas Verdes: Los edificios con certificaciones LEED, BREEAM o WELL están logrando primas de alquiler del 5 al 12% en los mercados primarios.
For any and all inquiries reach out to Viviana at viviana@vmcasa.com or +718 551 5135
