Retail
A recent article in the National Real Estate Investor suggests that foreign investment in U.S. real estate is rising. According to real estate research firm, Real Capital Analytics, foreigners bought $2.1 billion in retail product in 2003. This was up a whopping 182% from $746 million in 2002 and $247 million in 2001.
Industry watchers say that Europeans and Australians pulled back on real estate acquisitions in 2003 because of nervousness over the Iraq war, but have since returned. All indicators are that this year will be another strong year for foreign investors. “There is a lot of demand from foreigners in all sectors, including retail, and Europeans seem eager to do deals,? says Noble Carpenter, managing director of real estate services firm Jones Lang LaSalle.
While the Germans remain the biggest foreign investors, Australians, including Macquarie Bank (the largest foreign purchaser of retail properties), are stepping up to the plate and buying big.