2022 Top Commercial Property Owners
4 min read
Find out which firms made CPE’s annual list of industry leaders.
|Rank||Company||Total Owned (MSF)||Total Portfolio Value ($MM)||Average Occupancy||Portfolio Diversity|
|1||CBRE Investment Management||339.23||$ 146,900||–||O, I, R, Ho, X|
|2||Clarion Partners||285.65||$ 65,691||95%||O, I, R, Ho, X|
|3||Nuveen||169.09||$ 75,971||90.00%||O, I, R, Ho, H, X|
|4||Hines||185.03||$ 80,567||–||O, I, R, Ho, X|
|5||Tishman Speyer||60.10||$ 46,800||–||O|
|6||Lincoln Property Co.||71.30||$ 2,575||92.00%||O, I, R, H, X|
|7||Majestic Realty Co.||83||$ 15||98.00%||O, I, R, Ho|
|8||Transwestern Investment Group||15.75||$ 3,781||92%||O, I, R|
|9||Industrial Logistics Properties Trust||59.74||$ 6,200||99%||I|
|10||The Inland Real Estate Group of Cos.||31.50||$ 7,300||91.90%||O, I, R, Ho, H, X|
|11||GID||7.70||$ 1,330||97.20%||O, I, R|
|12||Diversified Healthcare Trust||–||$ 6,900||–||H|
|13||Hunt Cos.||–||$ –||90.40%||O, I, R, Ho, H, X|
|14||ElmTree Funds||35||$ –||98%||O, I, H|
|15||The Related Cos.||19.9||$ –||99.00%||O, R, Ho|
|16||Service Properties Trust||$ 11,300||–||R, Ho|
|17||Ashley Capital LLC||28.85||$ –||98%||O, I|
|18||Harbor Group International||5.05||$ 3,073||96.00%||O, I, R|
|19||Office Properties Income Trust||22.49||$ 4,600||89.40%||O|
|20||FPA Multifamily||5.50||$ 800||91%||O, I, R, Ho|
|21||KBS Realty Advisors||19.11||$ 6,735||–||O, I|
|22||Freeman Webb Co.||0.35||$ 80||96%||O, R|
|23||HSA Commercial Real Estate||13.67||$ 1,300||94.00%||O, I, R, H|
|24||Foundry Commercial||6.20||$ 1,500||78%||O, I, R|
|25||Greystar||2.55||$ 338||78.00%||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