According to Real Capital Analytics, acquisitions of U.S. commercial property by overseas investors rebounded sharply in 2021, with investment concentrated on the apartment and industrial sectors. Cross-border deal volume totaled $70.8 billion in 2021, almost double the 2020 level.

While the cross-border share of total investment has stayed roughly constant, the placement of the capital has changed. The industrial and apartment sectors were the chief targets, with the industrial sector capturing 34 percent of cross-border capital and apartments 30 percent. The central business district office market–the traditional target of overseas investors–claimed only 14 percent of the total in 2021.

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