What is the best route for investors in real estate in 2019? Steady as you go or all change? The outlook for real estate fundamentals globally in 2019 remains generally positive, although the pace of improvement appears to be moderating amidst a slowing global-economic-growth backdrop. A slowing in the pace of monetary-policy normalization appears set to provide an extended window of opportunity for execution of existing strategies in the capital markets. Taken together, this suggests promising conditions for investors to keep moving forward steadily on their existing route.

Considerable macro uncertainty exists, however. Technology continues to be a disruptive force in retail and industrial real estate. Trade tensions between the United States and China threaten to break out into full-blown trade-war hostilities. In Europe, the extension of the Brexit deadline has further extended the period of uncertainty in the United Kingdom. Such risks suggest the road forward may have a