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LOS ANGELES-It isn’t news that low yield expectations and aggressive pricing on core office assets have some investors looking for opportunities outside of the gateway markets. Yet a new white paper from CBRE recommends a balanced approach, rather than gravitating to one extreme or another. Its title sums up the argument: “Gateway & Non-Gateway Office Markets: From ‘Either/Or’ to ‘How Much of Each?’”

The report, prepared by CBRE’s US research team, including Christopher Macke, Jim Costello and Brook Scott, notes that “expectations of lax investor demand and anemic appreciation” are at the root of investor hesitation to invest outside the gateway office markets. Further, investors expect more downside volatility and less rental growth, thanks to the non-supply-constrained nature of non-gateway office markets.

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