2023 Top Commercial Property Owners
Find out which firms made CPE’s annual list of industry leaders.
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].
Portfolio Diversity Remains Strong Among Top Owners
Amid rising interest rates and an uncertain economic landscape, commercial property owners are navigating myriad challenges across property types, and overall investment activity has slowed.
Despite many large companies announcing return-to-office mandates, total office vacancy remained high, at 17.5 percent on a national level in August, an increase of 260 basis points year-over-year, according to CommercialEdge data. As a result, office transactions have continued to slow, totaling $20.5 billion. While industrial fundamentals have remained healthy, with national vacancy of only 4.4 percent in August, investment activity has also been slower in 2023 and industrial sales totaled $33.7 billion, according to CommercialEdge.
However, as owners navigate the changing landscape across commercial property types, portfolio diversity continues to be a key strategy to mitigate risks for the firms in our 2023 Commercial Property Executive Top Owners ranking. Nearly all of the top 30 firms in our ranking own more than one property types in their portfolios, with only Diversified Healthcare Trust and BKM Capital Partners each owning only one asset type. In addition, all of the top five firms own commercial real estate in all regions across the U.S., as well as internationally.
CBRE Investment Management tops this year’s list of leading commercial property owners, with more than 321 million square feet owned across a diverse array of asset types.
—Claire Spadoni, Senior Research Analyst, Matrix Content Development