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2023 Global Investor Outlook

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Our third annual Global Investor Outlook report explores investor sentiment, asset class preferences, opportunities and strategies in 2023. Our findings are based on numerous in-depth interviews with our Capital Markets experts and survey of more than 750 investors around the world.

After a volatile year of geopolitical tensions, economic shocks and uneven monetary policy, Colliers anticipates the process of stabilization of the global real estate market to take hold by mid-2023. Investors can expect big differences in how the reset plays out across sectors and markets next year. Read the 2023 Global Investor Outlook here.

Key 2023 Americas themes:

Global themes:

  • The journey so far suggests global real estate market stabilization to take hold mid-2023. But the velocity and timing of stabilization, repricing and recovery will differ across markets and sectors, creating multiple investment opportunities.

  • Pockets of opportunity exist amidst the current reset as the negative impact on capital values will cause distress among some funds and assets that require refinancing.

  • Understanding and managing rising cost pressures is critical. 85% of investors said rising construction costs have the most negative influence on their ability to pursue their investment strategies, followed by higher asset operating costs (77%).

  • Core assets to prevail but non-core will be a source of some distress. 60% of global investors prefer asset classes in established, larger cities, but changing demographic and economic realities are luring them to second- and third-tier growth cities.

  • Sustainability is driving decisions as the threat of stranded assets looms. 17% of investors are activating a capital improvement, disposal or acquisition strategy that incorporates ESG considerations, up from 10% in 2022.


2023 Global Investor Outlook

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David Amsterdam

President - U.S. Capital Markets and Northeast Region

New York

David Amsterdam is President, U.S. Capital Markets and Northeast Region. He is responsible for managing and executing investment sales, debt & equity and structured finance transactions across the U.S. and in critical global markets. In addition, he leads the firm in top-tier cities, including New York, Boston, and Washington D.C.

His responsibilities include advising investors, corporate users, and landlords across the full spectrum of commercial real estate transactions and he is focused on continuing to drive revenue for the fastest-growing publicly traded real estate services and investment management firm in the world.

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Aaron Jodka

Director, National Capital Markets Research


As Director of Research | U.S. Capital Markets, Aaron is responsible for all aspects of research within the Capital Markets platform. He synthesizes and interprets a variety of data and information to stay ahead of trends that put our clients in an optimal position to make informed decisions. Aaron promotes the Colliers brand via best-in-class research reports, weekly insight posts, thought leadership, and contributions to numerous panels, media outlets, and industry events.

Aaron collaborates with every team at the firm and wears many hats: in-house economist, advisor, consultant, thought leader, strategic business analyst, presenter, and, of course, researcher. He connects with various industry experts within the Colliers organization to provide a customized solution for each client.

With a deep understanding of markets throughout the country, he provides a unique perspective on market dynamics across asset types and investment strategies, providing clients with tailored data and analytics to ultimately guide decision-making solutions.

Before joining Colliers, he spent 11 years with Property & Portfolio Research (PPR), now CoStar Portfolio Strategy. There, he advised institutional clients on their commercial real estate investment strategies across property sectors and also spoke at industry events, quarterly CoStar webinars, and in front of client audiences. Aaron also led and directed a team of economists who monitored property markets across the United States. Near the end of his tenure, he helped establish a new business unit at CoStar, leading in the hiring, training, and coaching of a team of 50 market analysts. 

Outside of the office, Aaron can be found cheering on his children at their extracurricular activities. He also enjoys hiking, travel, relaxing at home or at the lake, or plugging away at one home project or another. Last but not least, he's an avid fan of Boston sports teams.

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