Continued strength in transactions in Q4 2024

Global transaction activity accelerated in the fourth quarter, with year-over-year volumes rising by 37% to US$232 billion, up from 23% growth globally in the third quarter. This brought full-year 2024 volumes to US$703 billion, reflecting a 14% increase.

Momentum persisted as institutional investors and, increasingly, global capital reemerged to complete transactions of scale. Globally, cross-border investment grew in the fourth quarter, up 70% year-over-year, and up 20% for full-year 2024. Cross-border activity is expected to be supported during 2025 by geographic diversification strategies, the opportunity to acquire assets below prior-peak valuations and increasing debt liquidity.

Investment volumes in the Americas increased by 45% year-over-year during Q4, bringing full-year investment activity 10% higher to US$372 billion. EMEA investment volumes were up 40% year-over-year in the final quarter, with full-year 2024 volumes rising by 17% to US$199 billion. Asia Pacific registered a 10% increase in Q4, which brought full-year 2024 volumes to US$131 billion, up 23% year-over-year.

Diversification remains a top priority in the current investment climate. The industrial and logistics and living sectors, as well as select alternatives, continue to be among the most sought-after sectors. Retail fundamentals are strong and in the office sector, sentiment has improved due to assets selling at reduced valuations and green shoots in occupier demand. Investors are focusing on asset quality and income growth potential, and sectors in the path of secular growth.