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TOP OF THE WORLD
January 3, 2011
| Sorry, DC—New York’s now the top US spot for foreign real estate investment, according to the Association of Foreign Investors in Real Estate’s 19th annual survey. And the Big Apple has replacedLondon as the one of investors’ top two cities—a spot it had claimed since ’01, now deposed to third. (If we can convince Prince William to have his wedding at the Plaza, it'd be a clean sweep.) |
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| 72% of AFIRE members, which hold $627B of CRE ($265B of that in the US), plan to invest more capital in the US this year than they did in ‘10. The James A. Graaskamp Center for Real Estate (Wisconsin School of Business) survey found that investors are narrowly targeting NY and then DC among global cities, says AFIRE chief Jim Fetgatter. The US ranked four times as high as an investment target than second-ranked UK, and 60% of respondents called the US the best potential for capital appreciation (54% over China).Multifamily remains the primary target; hotel and retail moved up to second and third; and office and industrial dropped to fourth and fifth. |
