U.S. solidly a net buyer as outbound investment accelerates

The pandemic continues to hamper foreign investment in U.S. commercial real estate, according to CBRE. Inbound capital fell to $11.6 billion in first half 2021, down 6 percent from the first half 2020 and the weakest first half since 2013. Year-over-year declines were of roughly the same magnitude from APAC and EMEA investors (–19 percent and –17 percent, respectively), while investment from Canada and elsewhere in the Americas increased.

In contrast, U.S. outbound capital increased, fueled by investor appetite for global industrial assets and aided in part by access to COVID-19 vaccines. Outbound capital totaled $23.1 billion in first half 2021, up 11 percent year-over-year and on par with 2018 for the strongest first half since 2007. Relative to first half 2020, U.S. investment in APAC increased by 35 percent and in EMEA, by 9 percent, though it was down slightly in Canada (–2 percent) and significantly in Latin America and the Caribbean (–93 percent).