The Role Foreign Investors Play in the 
U.S. CRE Investment Market

• Foreign investment in U.S. commercial real estate rebounded in 2021

• International buyers still represent a relatively small portion of investment, about 10.3% on avg.

• Who Buys?

  • Canada, Singapore, China, Germany and South Korea are the top countries of origin

• Where Do They Buy?

  • Gateway markets like New York, San Francisco and Los Angeles

  • Canada investors tend to be more willing to go into secondary/tertiary markets

• What Do They Buy?

  • Apartment and Industrial led the major property types in 2021; Historically, favored office

  • Large assets and portfolios -> Avg. single asset deal size was $36M in 2021

• Why Do They Buy?

  • Some motivated by yield, but are typically willing to take lower returns to place large sums

  • Prefer U.S. CRE for stability and preservation of capital