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Global Investors Report Increased Allocations to U.S. Real Estate in 2023

The U.S. remains a preferred global destination for commercial real estate investment with allocations up 6% from 2022, compared to a 5% decline in European investment, according to AFIRE’s International Investor Survey: Q1 2023 Pulse Report. However, the survey, conducted in early 2023, found that continued interest rate increases weigh on access to capital, limiting reasonable financing and impeding transactions. 

Investors identified multifamily and industrial as the most attractive property types. With support for multifamily continuing, about 40% agreed they would accept a lower expected rate of return to invest in more attainable housing. 

New York regained the top U.S. spot for investment in 2023, displacing previous top three cities from the past several years: Atlanta, Austin, and Boston. Internationally, London remains the top global city for planned investment. 

“While continued rising interest rates and the future of office are identified as areas of concern at this time, investors long-term horizon enables them to balance these against opportunities, in particular the relative strength of the US real estate market as a preferred global destination for investment capital,” said AFIRE CEO Gunnar Branson. 


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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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