2017-2035
预计至2035年的就业量净增长
Net Employment Growth Thru 2035
菲尼克斯
Phoenix
迈阿密
Miami
旧金山湾
San Francisco Bay
亚特兰大
Atlanta
奥斯汀-圣安东尼奥
Austin-San Antonio
休斯顿
Houston
奥兰多/坦帕
Orlando/Tampa
纽约
New York
达拉斯-沃斯堡
Dallas-Ft. Worth
洛杉矶/河滨县
Los Angeles/Riverside
数据来源：Moody’s Analytics
0
400,000
800,000
这些中国投资资金中70%
以上流向了四个主要门户
城市，其中纽约获得的投
资资金最多...
虑的同时，资金流集中导致很多外国投资者面临着另一
层面的投资风险。随着流入美国的全球资金增加，资本
化率降低至历史最低水平，主要门户市场中现有资产定
价已有所上升。凭借经济、基础设施和成本基本要素方
面的良好条件，美国二线城市房地产市场可以为外国资
本提供良好的投资机会。
由于投资者对上述市场不太熟悉，所以开展彻底的市场
调查，确定历史和新兴城市发展模式，审查当地或区域
合作伙伴显得更加重要。对于一些投资者而言，与一个
门户市场中的现有投资合作伙伴一起进入上述新兴二
线城市之一可能是最佳选择。
马克·杜牧
马克·杜牧先生在房地产战略市场分析、研究、资
本市场和发展领域有着超过25年的丰富经验，作
为Regent Park Advisors公司首席执行官，他就
房地产投资、管理和战略性决策制定的各个方面
为公司客户提供关键性建议。他毕业于佐治亚大学，是城市土地学
会(ULI)正式会员和学会社区发展委员会主席，他还是和北德克萨
斯地区咨询委员会董事会成员。
WWW.THECHINAINVESTOR.COM
1,200,000
1,600,000
Source: Moody’s Analytics
gravitate to Miami with its long historical immigration
patterns, cross-border business relationships and Hispanic
centric culture, concerns for residential overbuilding persist
as construction remains high. However, opportunities for
diversification away from Miami exist throughout the State
of Florida not just in Orlando, but other areas of southeast
Florida north of Miami from Ft. Lauderdale to West Palm
Beach and west of Orlando to Tampa. While underlying
economic growth and good market fundamentals
supports a serious look at many markets across the United
States, capital flow concentration creates another level of
investment risk for many foreign investors.
As global capital flows into the U.S. have increased,
pricing of existing assets in the major gateway markets
have increased with CAP rates falling to unprecedented
levels. With strong economic, infrastructure and cost
fundamentals, real estate markets in second tier in the
U.S. could provide foreign capital with good investment
options. With less familiarity with these markets it is
increasingly important to conduct thorough market
research, to determine historic and emerging urban
growth patterns and to vet local or regional partners.
Following an existing investment partner from a
gateway market into one of these newer second tier
cities might be a best first option for some.
Mark Drumm
With over 25 years of experience in real estate strategic market
analysis, research, capital markets and development, Mark Drumm,
as CEO of Regent Park Advisors, provides key insight for all aspects
of real estate investment, management and strategic decision
making for the firm’s clients. He is a graduate of the University of
Georgia and is full member of ULI where he serves as chairman of
a Community Development Council and the North Texas District
Council Advisory Board.
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