After years of capital shifting toward secondary markets, international gateway markets are once again drawing attention from investors worldwide.
Global gateway markets have seen a resurgence of megadeals this year. From the €850 million ($985 million) sale of the Capital 8 office complex in Paris to the ¥300 billion ($1.9 billion) purchase of the Dentsu Group headquarters in Tokyo, buyers are clearly back with the desire — and money — to acquire assets in primary markets.
Although investors are proceeding cautiously, they appear to be gaining confidence in valuations, underlying fundamentals and a more stable rate environment. “Whereas a few years ago people were a little bit tentative because things felt uncertain, a lot of people saw through that as a temporary phenomenon,” says Ryan Severino, chief economist and head of research at BGO. “They are starting to reengage, especially in these big global gateway markets.”
Gateway cities such as Lo
