The search for yield in a late-cycle environment is drawing more commercial real estate investors into secondary markets and alternative assets, according to CBRE’s 2019 Americas Investor Intentions Survey.

The survey of real estate investment professionals found appetite for risk is lessening in 2019. The most common motivation for purchasing real estate this year is to secure a stable income stream (32 percent) — a much higher share than in past years — followed by expectations for capital growth (20 percent). Value-add remains the preferred asset strategy (37 percent), with interest in good secondary assets (33 percent) increasing for the fifth consecutive year. Investors are ultimately looking for stable income stream and capital growth in acquisitions.

While Los Angeles/Southern California and Dallas/Ft. Worth maintained the two top-ranked positions for property purchases, more investors are shifting their attention to smaller markets. Several seco