Full-year investment volume is expected to clock in below 2021 levels globally thanks to inflation and rising rates, but is expected to remain healthy on a historical basis, according to new research from CBRE.

The firm's midyear global capital markets reports notes that macroeconomic headwinds are raising fears of a broad-based recession, worries that are compounded by the Russia-Ukraine conflict and ongoing pandemic-related lockdowns in China. Despite those challenges, however, all three global regions (Americas, EMEA, and APAC) registered "very strong" investment volumes in the first half of the year.

The US and Europe have both seen recent upticks in for-sale properties, with more institutions seeking to lock in gains before prices fall further and to avoid refinancing at current rates, CBRE experts say.  Generally, investors in markets with stable interest rates "are not motivated to harvest gains so quickly" and are more selective about the type, location and quality of potential acquisitions.