In&Out
$3.5B
TOP DESTINATIONS
London $4.3B
Berlin $2.9B
Paris $2.4B
$3.5B
TOP DESTINATIONS
Mumbai $1.4B
Singapore $1.4B
Sydney $693M
$2.7B
San Jose
$3.8B
The drop-off in entity-level sales was particularly acute for retail. If entity sales are excluded, foreign investment in U.S. retail increased by 8% in 2019—by far the largest growth of all real estate sectors.
Canada was the biggest foreign capital source in all sectors except for office (Germany) and accounted for more than half of total inbound volume for both multifamily and retail last year.
$3.3B
SAN FRANCISCO
$975M
$17.5B
$2.4B
$43.1B
$12.9B
$1.4B
$1.4B
Hotel
$2.2B
$2.2B
Inbound by Sector
country
country
$5.7B
$1.5B
$1.8B
$10.3B
2019
$1.8B
APAC
vs.
Baltimore
$9.1B
% OF TOTAL
222%
$2.3B
ENTITY LEVEL
$1.3B
$1.9B
Israel-based Delek Group's acquisition of a garden apartment portfolio from Lone Star included four Baltimore-area assets, accounting for 64% of that market's total inbound capital in 2019.
SOURCES OF INBOUND CAPITAL TO U.S.
$2.6B
Office
five-year trend*
1474%
Other
$3.1B
Office
$4.9B
$3.1B
Office
Dallas/Ft. Worth
five-year trend*
top property type
$2.4B
*Top 5 countries based on total U.S. outbound capital between 2013 and 2019.
77%
$697M
127%
Top 5 Growth Markets
CANADA
Montreal
314%
$1.9B
$56.6B
31.1%
Top 5 Growth Markets
$1.7B
$2.0B
$10.7B
*Excluding entity-level volume. Limited to markets where inbound volume >$500M.
2019 | U.s. Inbound investment trends
y-o-y
Munich
Israel-based Delek Group's acquisition of a garden apartment portfolio from Lone Star included four Baltimore-area assets, accounting for 64% of that market's total inbound capital in 2019.
TOTAL INTO U.S.
Berlin
ENTITY LEVEL
% OF TOTAL
2018
$2.1B
$2.9b
$42.0B
U.S. investment in foreign multifamily assets fell by nearly 50% year-over-year in 2019 but was up by more than 70% from the 2012-to-2017 annual average and nearly 200% from the 2004-to-2008 annual average. Rising investor interest in residential assets was also evident in the significant increase in alternatives investment in 2019, which included mixed-use and senior-housing properties.
In
TOTAL OUT OF U.S.
2019 | U.s. outbound investment trends
single ASSET/ PORTFOLIO
$758M
4.7%
18.2%
japan
Germany
4.5%
Latin America & the Caribbean
2018
Miami
$500M
AMOUNT
$12.2B
5.9%
$36.9B
vs.
netherlands
hide outbound
japan
trailing 12 mo. volume*
switzerland
4.8%
Ventas' acquisition of a senior-housing portfolio from Le Groupe Maurice accounted for the bulk of all U.S. capital investment in Montreal in 2019.
Show outbound
spain
173%
Outbound by Sector
$2.0b
LOS ANGELES
8.8%
TOP DESTINATIONS
Mexico (ex. Mexico City) $369M
San Juan $120M
6.1%
Note: All figures in U.S. dollars. Transactions include office, retail, industrial, residential/apartment and seniors housing. Development sites are excluded. Source: CBRE Research, Real Capital Analytics, January 2020. Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independtly its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and connot be reproduced without prior written permission of CBRE.
Dallas
italy
San Francisco
6.6%
5.9%
TOP DESTINATIONS
Montreal $1.3B
Vancouver $785M
Toronto $196M
$2.0B
destinations of U.S. outbound capital
$470M
4.2%
india
SEATTLE
singapore
22.8%
2.4%
bahrain
3.6%
Office
5.6%
AMOUNT
israel
$997M
Show Inbound
EMEA
Mumbai
211%
Market
$57.4B
CANADA
Inbound
4.4%
Out
manhattan
$8.2B
y-o-y
*Limited to markets where U.S. outbound volume >$500M.
MAP
2019 volume*
Milan
Outbound
single ASSET/PORTFOLIO
Market
$520M
U.K.
2019
top 10 capital flows by country
5.4%
$1.2b
$2.2B
top property type
56%
8.7%
Multifamily
4.6%
france
Germany
Office
south korea
U.S. investment in Germany and the U.K. increased by more than 50% year-over-year in 2019 but decreased significantly in other top foreign destinations. Office assets made up 85% of all U.S. investment in Germany last year, while U.S. capital was more evenly distributed across sectors in the U.K.
523%
canada
Hide Inbound
Office
$43.9B
U.K.
Office
Among the top five inbound U.S. foreign capital sources since 2013, excluding entity-level sales, only Switzerland invested more in 2019 than the past six years’ annual average. The largest pullback was in Chinese capital, which totaled just $468 million in 2019 after averaging $5.0 billion annually since 2013 ($6.6 billion including entity-level sales).
5.5%
1682%
$1.4B
*Top 5 countries based on total inbound capital between 2013 and 2019.
spain
singapore
Note: Excluding entity-level volume.