In&Out
MAP
Inbound
Outbound
Out
top 10 capital flows by country
U.S. investment in foreign multifamily assets in H1 exceeded the annual multifamily total for any previous year on record. A $6 billion U.K. student housing portfolio made up 77% of total U.S. investment in the sector.
h1 2020 | U.s. outbound investment trends
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TOP DESTINATIONS
Montreal $1.3B
Vancouver $785M
Toronto $196M
TOP DESTINATIONS
London $4.3B
Berlin $2.9B
Paris $2.4B
TOP DESTINATIONS
Mexico (ex. Mexico City) $369M
San Juan $120M
TOP DESTINATIONS
Mumbai $1.4B
Singapore $1.4B
Sydney $693M
*H1 2020 vs. 5-Year H1 average.
Note: All figures in U.S. dollars. Includes entity-level deals unless stated otherwise. Transactions include office, retail, industrial, residential/apartment and seniors housing. Development sites are excluded.
Source: CBRE Research, Real Capital Analytics, August 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.
Outbound by Sector
CANADA
EMEA
APAC
Latin America & the Caribbean
SOURCES OF INBOUND CAPITAL TO U.S.
TOTAL OUT OF U.S.
$19.8B
$19.9B
vs.
H1 2019
H1 2020
$480M
$16.9B
$2.3B
$175M
vs.
H1 2019
H1 2020
TOTAL INTO U.S.
$11.6B
$17.5B
OTHER NYC
$492M
LOS ANGELES
$484M
ATLANTA
$488M
manhattan
$2.7B
single ASSET/ PORTFOLIO
ENTITY LEVEL
$18M
$4.4B
$2.6B
$4.6B
$112M
$5.7B
DENVER
$733M
country
AMOUNT
% OF TOTAL
$4.4B
38.3%
CANADA
Germany
$1.4B
12.0%
Singapore
$1.3B
10.9%
South Korea
$654M
5.6%
Switzerland
$527M
4.5%
Denmark
$514M
4.4%
Israel
$512M
4.4%
Kuwait
$421M
3.6%
Japan
$359M
3.1%
U.K.
$355M
3.1%
destinations of U.S. outbound capital
country
AMOUNT
% OF TOTAL
U.K.
$8.1B
41.1%
Germany
$2.4B
12.2%
Netherlands
$2.0B
10.1%
France
$1.6B
8.2%
Japan
$1.3B
6.6%
Spain
$590M
3.0%
Italy
$569M
2.9%
Canada
$480M
2.4%
South Korea
$430M
2.2%
China
$400M
2.0%
-29%
-35%
-60%
-18%
-32%
283%
-34%
100%
-57%
-56%
5-Year *
93%
8%
43%
22%
57%
-49%
-51%
-44%
57%
-12%
5-Year *
In
H1 2020 | U.s. Inbound investment trends
Top Markets
*Markets with the largest percentage change in H1 2020 inbound capital vs. the H1 average from 2015-2019.
*Top 5 countries based on total inbound capital between 2013 and 2019.
Note: Excluding entity-level volume.
Relative to the past five years’ H1 average, inbound capital in H1 2020 increased in just five of the 52 largest markets and was down significantly in each of the top five U.S. markets for inbound capital since 2015. However, three of the five growth markets were adjacent to top-five gateway markets: Sacramento and Oakland in the San Francisco Bay Area and the outlying boroughs to Manhattan in the New York City metro.
five-year trend*
H1 2020
Foreign investment in U.S. industrial assets was up 15% from H1 2019, while all other sectors had significant decreases. At least 70% of H1 industrial, office and multifamily volumes was recorded in Q1. Retail investment improved slightly in Q2, but H1 investment in the sector was the lowest since 2009.
Inbound by Sector
Show H1 2020 detail
by Growth from 5-Year Average*
(volume in US$ Millions)
by Total Investment over Past 5 Years
(volume in US$ Millions)
Sacramento: 206%
Other NYC: 175%
Denver: 86%
Memphis: 44%
Oakland: 33%
H1 2020 vs. 5YR H1 AVG.
Manhattan: -47%
Los Angeles: -75%
Chicago: -84%
San Francisco: -96%
Dallas: -44%
H1 2020 vs. 5YR H1 AVG.
*Top 5 countries based on total U.S. outbound capital between 2013 and H1 2020.
H1 2020
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five-year trend*
Top Markets
by Growth from 5-Year Average*
(volume in US$ Millions)
by Total Investment over Past 5 Years
(volume in US$ Millions)
Among the top five foreign markets for U.S. investment since 2015, outbound capital in H1 2020 was higher
than the past five years’ H1 average in Paris and Amsterdam. Because individual assets within large nationwide portfolios (like the $6 billion student housing acquisition in the U.K.) are not broken down by specific markets in the EMEA region, U.S. investment in London also likely would have exceeded the average. Although all regions had some markets where U.S. investment exceeded the H1 average, most growth markets were in EMEA.
*Markets with the largest percentage change in H1 2020 inbound capital vs. the H1 average from 2015-2019. Includes entity-level volume.
Montreal: 469%
Yokohama: 291%
Rotterdam: 237%
Dusseldorf: 61%
Amsterdam: 59%
H1 2020 vs. 5YR H1 AVG.
London: -74%
Paris: 27%
Madrid: -26%
Amsterdam: 59%
Berlin: -34%
H1 2020 vs. 5YR H1 AVG.
(volume in US$ Billions)
(volume in US$ Billions)
(volume in US$ Billions)
(volume in US$ Billions)
$470M
$3.4B
$14.5B
$1.5B
H1 2020
H1 2019
vs.
$8.8B
$2.9B
H1 2019
H1 2020
vs.