GlobeSt.com: What types of assets are seeing the most activity?

Gifford: It depends on the market and the investor profile, but most core funds are looking at acquisition of existing properties in the Big Three. If they're going after cash flow and low risk, they're focusing on office buildings in Mexico City.

Large retail and industrial platform sales in Mexico have become some of the most common transactions over the past 12 months. This trend in Mexico is expected to continue throughout 2014. The more opportunistic funds are looking at speculative development opportunities in Brazil and/or Columbia.

GlobeSt.com: What's the next frontier—which countries are next in line and why?

Gifford: Colombia and Peru are considered the major emerging markets. Colombia is the third-largest country by population, and there is a lot of pent-up demand for product due to low levels of historic development, particularly retail development in secondary cities. Peru is the second-fastest growing economy in the region, behind Panama.

GlobeSt.com: What other trends do you anticipate over the next 12 months?

Gifford: We expect to see continued flow of capital investment from Latin America into the U.S. as investors seek a more mature and stable market. Previously, capital was flowing primarily from north to south, but in the last 12 months there's been a real conversion as Latin American private equity seeks to diversify investments into the US and elsewhere. Expect to see Mexico continue to dominate investment market transaction volumes.