Real assets outlook

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Real assets outlook: What to expect in 2023?

The economy

With interest rates having risen sharply over the past 12 months and recessions likely across the developed world, 2023 is likely to be a challenging year from an economic perspective.

Real Assets

If green hydrogen proves viable, this share could be even higher. 

Real Estate

Dislocation in public real estate markets, and more attractive pricing in private markets, are creating good opportunities across both the listed and unlisted sectors for those with liquidity and capital to deploy.


Infrastructure is relatively well placed in 2023 due to its ability to pass through inflation, the essential nature of the services it provides, and the presence of regulated or long-term contracted cash flows.


Agriculture’s stable return profile, land-rich asset composition, and inflation protection traits make it an attractive proposition in 2023.

Market Perspectives Webinar

This year could present economic challenges, leading institutional investors to seek investments that aim to deliver inflation protection, yield, and portfolio diversification. Though many real asset strategies possess these desireable characteristics, higher interest rates combined with weaker economic growth could induce some divergence in performance, with certain asset classes and sectors proving more resilient than others. 

Listen to our podcast

Macquarie Head of Research Daniel McCormack details the landscape for real assets in 2023, amid inflation and headwinds to growth prospects across developed economies. Discussion covers the characteristics of infrastructure investments for the expected environment as well as structural challenges facing global property markets and agriculture.