RCA Insights

Chart: Top US Cross-Border Market Ranking Since 2015

By on March 17th, 2022

There was a significant reshuffling of the ranks of top U.S. markets for cross-border investment in 2021, with a new leader usurping perennial #1 destination Manhattan.

Boston leapt to the top spot for cross-border capital in 2021, climbing up nine spots from 2020, with much of the spending focused on tech-centric investments. Manhattan had held the #1 position for cross-border investment since 2010 before falling to third last year. Manhattan was the only market in the top ranks to register a smaller volume of cross-border deals in 2021 than a year prior.

Atlanta, Phoenix and Dallas rounded out the top five spots, owing to the large and liquid industrial and apartment markets in each. That leaning to industrial and apartment has shifted the weight of cross-border investment in the U.S.: overseas firms dedicated 62% of spending to the Non-Major Metros in 2021, whereas in the five years before the pandemic this share averaged 47%.

Orlando posted the largest jump in the rankings. It captured the number 10 position, rocketing up from the #38 spot following a quadruple-digit increase in deal volume by cross-border firms. San Francisco fell out of the top 10 ranking in 2021, dropping to the #14 spot. It had placed in the ranking for 10 of the last 12 years.

bump chart ranking top 10 US cross-border markets from 2015-2021

Michael Savino

Senior Associate, MSCI Research

Michael works in MSCI’s real estate research team and is based in New York. He focuses on commercial real estate capital flows and pricing indices. Michael joined MSCI through its acquisition of Real Capital Analytics, where he began his career in 2017. He holds a bachelor’s degree from Tulane University.