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Foreign Investors in U.S. Eye Office-to-Residential Conversions

The concept of office-to-residential conversion appears to have caught on with foreign investors in U.S. commercial real estate, according to AFIRE’s latest International Investor Survey Report. Nine in 10 anticipate converting existing office properties to residential in the next five years.  

In addition, survey respondents believe that more than a third of office assets within their U.S. portfolios will require upgrading to meet future occupancy demands for enhanced health, sustainability and work style amenities. Investors are also increasingly considering a variety of office transitions to other uses, including industrial storage/data center (72% of respondents), hospitality/leisure (69%) and vertical farming (33%). 

“This AFIRE Survey Pulse captures institutional investor sentiment from around the world toward the U.S. market in late 2023,” said Gunnar Branson, CEO of AFIRE. “While significant uncertainties persist, institutional investors, who benefit from a long-term horizon, see opportunity to realign their portfolios to meet the shift in asset class demands, in particular towards the continued need for a greater volume of residential properties in U.S. cities.” 

For up-to-the-minute insights on the state of the market and what’s next in the current cycle, be sure to attend Connect Investment & Finance 2023 on Oct. 24 at the Hyatt Regency O’Hare in Rosemont, IL. Click here to register.


Inside The Story


About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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