Hines has released its new global investment outlook, Opportunistic Patience Prevails.

Hines’ global CIO David Steinbach introduces his view of the “Four Ds” systemically reshaping the economic, social and real estate landscape: deleveraging, deglobalisation, decarbonisation and demography.

The report also explores what Hines believes are two signals of a potential recovery. The increase in transaction volume in some markets across the globe points to nascent improvement, though the US recovery appears to be lagging Europe given the persistent spread between appraised cap rates and transaction cap rates. In addition, by back-testing the data on bank sentiment, Hines found a relationship between changes in bank lending standards and real estate investment performance. In Hines’ observations, the European market appears to be further along in its transition, with notable decreases in tightening compared with the United States, where the second q