Top 20 Commercial Property Owners of 2020

The 2020 CPE-MHN Top Owners ranking utilized self-reported data for all firms.

You can also read our other Top Commercial Property Owners rankings.

Rank Company Total Owned (MSF) Total Portfolio Value ($MM) Average Occupancy Portfolio Diversity Portfolio Green %
1 Nuveen 570.9 $127,047.3 O, M, I, R, Ho, X
2 LaSalle Investment Management 329.6 $51,100.0 92.0% O, M, I, R, Ho, X
3 Clarion Partners 242.5 $45,327.0 91.8% O, M, I, R, Ho, X
4 Tishman Speyer 61.9 $41,600. O, M 74%
5 W. P. Carey Inc. 141.9 $18,000.0 98.9% O, I, R, X
6 Duke Realty 156.0 $8,600.0 97.0% I 1%
7 Hines 86.2 $- 80.0% O, M, I, R, Ho, X
8 KBS 18.7 $5,981.8 86.67% O, M, I 47%
9 Diversified Healthcare Trust 12.5 $8,300.0 92.0% M, He 22%
10 Service Properties Trust 30.7 $12,300.0 59.92% R, Ho
11 Lincoln Property Co. 23.0 $4,950.0 92.0% O, M, I, R, He 65%
12 Office Properties Income Trust 24.9 $4,400.0 91.7% O, I 35%
13 The Inland Real Estate Group of Cos. 30.3 $6,300.0 93.0% O, M, I, R, Ho, X
14 Ashley Capital LLC 28.9 $- 96.0% O, I
15 Industrial Logistics Properties Trust 43.8 $2,700.0 25 146 26
16 Transwestern Investment Group 19.8 $3,556.8 84.09% O, M, I, R 7%
17 McCraney Property Co. 13.3 $785.0 92.0% I 43%
18 Harbor Group International 5.0 $2,373.4 97.0% O, M, I, R 10%
19 Hunt Cos. 1.8 $- 89.6% O, M, I, R, Ho, He, X
20 Related Cos. 14.9 $- 98.6% O, M, R, Ho

Key: O=Office, M=Multifamily, I=Industrial, R=Retail, H=Hospitality, He=Health care, X=Other

Though we make every effort to include all major commercial property owners, several notable firms (among them Blackstone, Brookfield Properties and Prologis) did not participate this year.

To be included in upcoming surveys, email Jeff Hamann at

Diversified Portfolios Lead the Way

It’s been a difficult year for property owners. In addition to the need for heightened safety protocols, rent collections have been a challenge in certain property types and locations. In September, national retailer rent collections increased to 80 percent, according to data from Datex Property Solutions. While this is far better than the 49 percent of retail rents collected in April, the road to recovery will be long. Owners with a national presence and diversification among asset types will likely be in the strongest positions.

Nuveen tops this year’s list of leading commercial property owners, with close to 571 million square feet owned and a total portfolio valued at $127 billion. Combined, the portfolios of the Top 3 owners make up 60 percent of the 1.9 billion square feet owned by the Top 20 companies. While occupancy across assets averaged nearly 92 percent at the end of 2019, this figure has likely shifted downward due to the pandemic.

The Top 3 owners’ portfolios were primarily split between office, industrial and retail assets, with Nuveen’s portfolio consisting of relatively equal shares of each class, while industrial properties made up nearly half of LaSalle Investment Management’s and Clarion Partners’ portfolios. Most of our ranked owners have real estate in several regions across the U.S., and 11 also own properties in other countries.

Our ranking also shows the growing importance of environmental considerations. Among our top commercial owners, a little under half reported that a portion of their portfolios meets green building standards, with Tishman Speyer leading the pack with 74 percent of its properties holding LEED or similar certifications.


The 2020 CPE-MHN 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.

Read the November 2020 issue of CPE.

—Madeline Winship, Senior Research Analyst, Yardi Matrix

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