Cross-Border Buyers Flocking Back to Attractive US Property Market
Globe St reports: Evidence is amassing rather quickly this year that cross-border acquisition activity is heating up in the commercial real estate sector. With many predicting the return of the cross-border deal in 2011, GlobeSt.com writer Paul Bunby cites Real Capital Analytics (RCA) as unearthing the first quarter of data that actually bares that forecast out. According to RCA, cross-border acquisitions rose to $10.1 billion over the 12 months prior to March 2011, up by 138% over the previous 12 month period during the depths of the financial crisis.
The composition of sources and destinations for cross-border capital flowing around the globe have shifted slightly from where they stood during the peak in 2007. Leading metros, such as New York in the case of the Americas, have become top target destinations, after foreign buyers pulled out of secondary and tertiary markets during the downturn. At the same time, Canadian buyers have edged out formerly-aggressive German and Australian firms in the US to become the leading source of cross-border capital.
Additionally, a large number of first-time buyers from Asian countries in the US have been tracked by RCA over the past year. These include buyers in South Korea and China, though Chinese capital may be undercounted due to the difficult nature of obtaining deal information.
View the full article on Globe St: Cross-Border Buyers Flocking Back to Attractive US Property Market
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Posted by: Nina Turner