Executive Summary
• Total U.S. commercial real estate investment volume of $ 296 billion in Q4 2021 brought the full-year total to $ 746 billion, both record levels.
• Multifamily led all sectors for investment volume in Q4 ($ 136 billion) and for the year ($ 315 billion).
• Although Los Angeles and New York had the highest levels of investment in 2021, Sun Belt markets had the strongest year-over-year growth rates, including Las Vegas (232%), Houston (191%) and South Florida (179%).
• Private buyers accounted for the most Q4 investment volume ($143 billion), while REITs/public companies had the highest year-over-year growth rate of 153% to $ 35 billion.
• Cross-border investment in the U.S. increased by 115% year-over-year to $ 29 billion in Q4. Foreign capital accounted for $ 56 billion or 7.5% of total investment volume in 2021.
• Canada was the largest source of foreign capital in 2021 with $ 21 billion, followed by Singapore with $ 15 billion.