Global investors have slashed their allocations to real estate to a 15-year low as the sector struggles under the pressure of high interest rates.
A net 28 per cent of managers were underweight the real estate sector in May, down 13 percentage points on the previous month, according to Bank of America’s latest global fund manager survey.
The commercial property market has undergone a painful shift away from ultra-low interest rates, compounded by uncertainty over the future of offices following the Covid-19 pandemic. Recent concerns that borrowing costs in big economies are set to remain higher for longer have weighed further on the sector.
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