2022 Top Commercial Property Owners

Find out which firms made CPE’s annual list of industry leaders.

Research Center CPE

You can also read our other Top CRE Owners rankings.

RankCompanyTotal Owned (MSF)Total Portfolio Value ($MM)Average OccupancyPortfolio Diversity
1CBRE Investment Management339.23 $ 146,900O, I, R, Ho, X
2Clarion Partners285.65 $   65,69195%O, I, R, Ho, X
3Nuveen169.09 $   75,97190.00%O, I, R, Ho, H, X
4Hines185.03 $   80,567O, I, R, Ho, X
5Tishman Speyer60.10 $   46,800O
6Lincoln Property Co.71.30 $     2,57592.00%O, I, R, H, X
7Majestic Realty Co.83 $           1598.00%O, I, R, Ho 
8Transwestern Investment Group15.75 $     3,78192%O, I, R 
9Industrial Logistics Properties Trust 59.74 $     6,20099%
10The Inland Real Estate Group of Cos.31.50 $     7,30091.90%O, I, R, Ho, H, X
11GID7.70 $     1,33097.20%O, I, R 
12Diversified Healthcare Trust $     6,900
13Hunt Cos. $              –90.40%O, I, R, Ho, H, X
14ElmTree Funds 35 $              –98%O, I, H 
15The Related Cos.19.9 $              –99.00%O, R, Ho 
16Service Properties Trust   $   11,300R, Ho 
17Ashley Capital LLC28.85 $              –98%O, I 
18Harbor Group International5.05 $     3,07396.00%O, I, R 
19Office Properties Income Trust 22.49 $     4,60089.40%
20FPA Multifamily5.50 $        80091%O, I, R, Ho 
21KBS Realty Advisors19.11 $     6,735O, I 
22Freeman Webb Co.0.35 $           8096%O, R 
23HSA Commercial Real Estate13.67 $     1,30094.00%O, I, R, H 
24Foundry Commercial6.20 $     1,50078%O, I, R 
25Greystar2.55 $        33878.00%O, R, H 

Key: O=Office, I=Industrial, R=Retail, H=Health Care, Ho=Hospitality, X=Other

Though we make every effort to include all major commercial owners, several notable firms (among them Prologis, First Industrial Realty Trust and Vornado Realty Trust) did not participate this year.

To be included in upcoming surveys, email Agota Felhazi at [email protected]

Diversification Remains a Key Strategy

Following several difficult years caused by pandemic-driven uncertainty, commercial real estate owners are facing new challenges. While more employees have returned to the office, the increasingly popular hybrid work model continues to shape the future of the office property sector as some office tenants have chosen to reduce or sublease their space to accommodate new work concepts.

Fortunately, the majority of firms in CPE’s Top Commercial Owners of 2022 ranking have diversified their assets across property types to balance risk. All but four of the top 25 owners had portfolios containing at least two different property types. Industrial real estate remains a hot sector, with 18 companies on our list owning this asset type. Most owners also have real estate in several regions across the U.S., and 11 own properties in other countries. 

CBRE leads our list of top commercial property owners, boasting a considerable 339 million square feet diversified across several asset types—office, industrial, retail, hospitality and numerous others. Its portfolio was valued at nearly $147 million as of the third quarter of 2022, more than double the total of any other of the top owners. Clarion Partners came in second with an ownership portfolio of more than 285 million square feet. While more than half of Clarion’s portfolio is industrial, it also owns office, retail, hospitality, land and parking assets. Nuveen ranked third with 169 million square feet across numerous asset types.


The 2022 Commercial Property Executive Top Owners ranking utilized self-reported data for all firms. The ranking results from a weighted formula based on a variety of factors (only a few of which are specified here), including total square footage owned, owned portfolio value, historic performance and a focused or diversified participation in property sectors. The ranking represents what we feel is a logical balance between firm growth and market share, as well as property diversity.

—Claire Spodoni, Yardi Senior Research Analyst

Read the November 2022 issue of CPE.

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