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Real Capital Analytics

Real Capital Analytics, Inc. (RCA) is the authority on the deals, the players and the trends that drive the commercial real estate investment markets.

Data is at the forefront of our business – having recorded over $18 trillion of commercial property transactions linked to over 200,000 investor and lender profiles, and providing our subscribers a full micro to macro view of your chosen market, no other source compares.

Across the globe, the most active investors, lenders, brokers and advisors depend on RCA’s unique insight to formulate their strategies, source new opportunities, and execute their deals. An industry pioneer since 2000, RCA has earned a reputation of having the most timely and reliable transaction data and providing valuable intelligence on market pricing, capital flows and investment trends.

We publish the series of widely-read Capital Trends reports (Global, US, Europe and Asia Pacific) which are frequently quoted in industry news and academic research.

RCA is privately held and headquartered in New York City with offices in San Jose, London and Singapore.

October 29, 2020 / Economy

European Deal Volume Slides in Q3, Germany Drops

From Real Capital Analytics
Commercial property deal activity in Europe slumped during the third quarter, rocked by the Covid-19 pandemic’s continued impact on dealmaking, economic growth and market prospects. The latest edition of Europe Capital Trends shows deal volume dropped 43% in the third quarter from a year ago, and was down from the levels seen in the second quarter of this year.
October 28, 2020 / Economy

Domestic Capital Shores Up Key APAC Markets During Covid

From Real Capital Analytics
Global and regional cross-border investors pulled back from new Asia Pacific deals in Q3 2020 at almost double the rate that domestic buyers retreated, preliminary Real Capital Analytics data shows. Investment by domestic buyers was higher in the third quarter than the second quarter of 2020, though the level was down significantly versus a year ago.
October 23, 2020 / Real Estate

US Retail, Office Prices Drop as Apartment, Industrial Gain

From Real Capital Analytics
The annual rate of U.S. commercial real estate price growth came in at 1.4% in September, as continued gains in apartment and industrial sector prices balanced out declines in retail and office prices, the latest RCA CPPI: US summary report shows. The US National All-Property Index gained 0.2% in September from August.
October 19, 2020 / Economy

Institutional Investors Finding Opportunities in the Downturn

From Real Capital Analytics
U.S. deal activity has corrected in 2020 following the onset of the Covid-19 crisis. Looking at total acquisitions by all investor types, deal volume for the past two quarters has retreated to levels last seen in 2012. Institutional investors, however, stand as net buyers of U.S. commercial real estate in the face of the pandemic.
October 15, 2020 / Business

Logistics Investment in Europe Rides High During 2020

From Real Capital Analytics
The latest data from Real Capital Analytics shows that the European logistics sector continues to attract plenty of capital amid the myriad of uncertainties caused by the Covid-19 crisis. The flow of investment into logistics properties has buttressed the industrial sector overall and it is the only major property type to register higher deal activity so far this year than 2019.
October 9, 2020 / Real Estate

Refinancing Pulls in Greater Share of US Capital Flows in H1

From Real Capital Analytics
U.S. commercial real estate deal volume has fallen sharply in 2020 but there is still capital flowing into the sector, which supports asset pricing. More capital flowed to refinancing activity than into new acquisitions in the first half of 2020, the latest edition of US Capital Trends shows.
October 8, 2020 / Real Estate

Hedging Cost Hurdle Eases for German Capital Into the US

From Real Capital Analytics
German investors have new incentives to look at commercial real estate investments in the U.S. This group of investors was the second largest source of cross-border capital for deals in the U.S. over the last 12 months, behind Canadian players. A short while ago it was difficult for German investors to look at U.S. because of hedging costs. Those costs are fading and can make U.S. investments look comparatively inexpensive.
October 7, 2020 / Economy

Tracking the Lag Between Spain’s Lockdowns and Deal Lows

From Real Capital Analytics
The Covid-19 pandemic has struck Spain particularly hard. Cases and total deaths from the first wave of the outbreak were among the highest in the world and a secondary surge is underway. The extent of the Spanish government’s lockdown and the resultant economic fallout has had a marked effect on the country’s commercial real estate market. Deal volume through the end of August fell 54% versus the same point in 2019 and the deal count dropped by 37%.
October 5, 2020 / Business

Japan, Singapore, China See Bulging Data Center Pipeline

From Real Capital Analytics
News of the planned sale of a Beijing data center campus for half a billion dollars may have come as a surprise to some. However, the deal — which, if it closes, would be the largest industrial deal in the Asia Pacific region in 2020 — is just one of a bundle of pending data center transactions in the region.
September 30, 2020

Retail, Hotel Assets Dominate US Distress Inflows

From Real Capital Analytics
Given news headlines, it’s to be expected that retail and hotel properties would represent a large share of newly troubled assets since the start of this Covid-19 recession. The magnitude of their shares may be more surprising. Retail and hotel assets combined represented 92% of new trouble in the second quarter of 2020. In the depths of the GFC, these two sectors were behind only about half the total distress.
September 28, 2020 / Real Estate

Surveying Student Housing Investment as Covid Clouds Demand

From Real Capital Analytics
Over the past six years there has been an explosion of institutional investment into student accommodation around the world on the premise that demand for housing is robust. That premise has been thrown into doubt as Covid-19 forces universities to reduce or cancel in-person teaching and thwarts travel by international college students.
September 25, 2020 / Real Estate

US National Property Prices Creep Higher in August, Retail Slides

From Real Capital Analytics
U.S. commercial property prices posted a 1.6% year-over-year gain in August as declines in retail and office pricing weighed against continued growth in industrial and apartment prices, the latest RCA CPPI summary report shows. The US National All-Property Index was rising at close to a 6% rate at the start of 2020, before the Covid-19 crisis hit the economy.
September 24, 2020 / Economy

Low Interest Rates Not Enough to Kindle CRE Sales Activity

From Real Capital Analytics
The 10yr US Treasury has averaged less than 1% every month since March 2020. Commercial mortgage rates have barely budged despite this sustained low level for the interest rate environment. In any normal period, low interest rates would be a positive sign for commercial real estate investment. Interest rates remaining at such a low level over a sustained period is a sign of weakness in the economy.
September 17, 2020 / Economy

The US Debt Stool, Though Wobbly, Is Still Standing

From Real Capital Analytics
The debt portion of the U.S. capital stack has seen a tumultuous 2020. Key industry participants have pulled back on mortgage originations in response to the uncertainty around the Covid-19 recession. Commercial mortgage originations in the second quarter of 2020 were supported by banks and the GSEs. The debt portion of the capital stack is more stable today than it was in the last downturn.
September 14, 2020 / Real Estate

Views on Quality Impact the Scale of the US Office Market

From Real Capital Analytics
U.S. sales involving large office buildings had been on the decline throughout the economic expansion. As more small buildings sell, other measures of market health such as the dollar volume of deal activity can reveal a different meaning. A $100 billion market where half of the volume was concentrated in the purchase of expensive office towers is qualitatively distinct from a more broad-based market driven by the sale of a multitude of small buildings.
September 11, 2020 / Economy, Investing

South Korea Retail Market On Track to Top APAC in 2020

From Real Capital Analytics
Over the first seven months of 2020, trading of retail assets has crumbled by more than half across all the major Asia Pacific economies bar one – South Korea. Should the current pipeline of deals close by year end, Korea’s 2020 retail investment total will surpass last year’s tally and could potentially become Asia Pacific’s biggest retail investment market, breaking the lock on the top three spots typically held by China, Japan and Australia.
September 10, 2020 / Economy, Real Estate

CPPI Trends in North American Major Metros

From Real Capital Analytics
Despite historic challenges to commercial real estate deal activity in 2020, prices in most leading North American metros continued to move higher in the second quarter of the year, according to the latest RCA CPPI Global Cities report. New York metro area prices, which have lagged Manhattan price gains over the past decade, increased 9.0% from a year prior.
September 8, 2020 / Real Estate

Little Evidence of US Distress Sales, Excepting Hotels

From Real Capital Analytics
Rising distressed sales of commercial properties can be the push that topples commercial property prices, but with the exception of the hotel sector, such activity is still a small portion of the U.S. market. The economic calamity from the Covid-19 crisis has changed investor perceptions of prices with few still willing to step up to the high pricing set before the upheaval.
September 4, 2020 / Real Estate

Liquidity Drops in 111 Commercial Property Markets Globally

From Real Capital Analytics
Market liquidity fell in 111 of 155 global commercial real estate markets in the second quarter of 2020, according to the midyear update of the RCA Capital Liquidity Scores. The count of markets posting lower quarter-on-quarter levels of liquidity is the worst since the Global Financial Crisis.
September 2, 2020 / Real Estate

European Investors Keep Faith With Forward Transactions

From Real Capital Analytics
Investors stuck to the forward transactions route to acquire European office properties in the second quarter of 2020, indicating that investor demand for the asset type is still alive despite concerns over future needs for corporate space. Forward commitments leapt to a record proportion of European office deal volume, with the jump in share reflecting the resilience of these deals and the slump in the office market overall.