Fund managers have cut their allocations to commercial real estate to their lowest level since the 2008 global financial crisis, in the latest sign that investors are becoming concerned about the impact of rising interest rates and falling demand on the sector.
Bank of America’s monthly fund manager survey showed that a net 19 per cent of managers globally were underweight the sector in May, the lowest level of exposure since December 2008,
In a sign of how quickly investors’ attitudes towards the sector have changed, investors’ allocations had hit their highest in at least 16 years in April last year, with a net 19 per cent of managers overweight the sector.
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