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The potential for rolling country-level recessions and the impact of higher interest rates on transactions and capital flows are among the main themes influencing global real estate investment in 2023. The result, according to Citi\\u2019s global real estate research team, are opportunities mixed in with the broader uncertainty facing investors.

\\u201cI think there's a lot more uncertainty entering 2023 than we've seen at least in the past few years, putting aside COVID. I think that's going to be the biggest challenge and opportunity depending on how that turns out,\\u201d Nick Joseph, Citi\\u2019s global head of real estate and head of the U.S. real estate and lodging research team, told Nareit\\u2019s REIT Report podcast.

Global sector-specific trends that Citi is monitoring include: the future of the office; e-commerce and the impact on brick and mortar; lodging demand and recovery; health care coming out of the pandemic; housing trends; and digital transformation and its impact on infrastructure.