Top 20 Commercial Property Owners of 2021

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 ($MM)Average OccupancyPortfolio Diversity
1Nuveen605.2$ 139,119.0O, I, R, Ho, X
2Clarion Partners252.8$50,900.095.8% O, I, R, Ho, X
3Tishman Speyer63.4$46,600.0O, X
4Lincoln Property Co.258.6$4,975.092.0%O, I, R
5Duke Realty159.0$9,844.298.2%I
6First Industrial Realty Trust66.9$8,500.096.6%I
7Vornado Realty Trust27.1$12,361.390.0%O, R
8Holt Lunsford Commercial83.5$-89.9%O, I
9Majestic Realty Co.82.0$- O, I, R, Ho
10KBS17.0$5,608.583.6%O, I
11Service Properties Trust29.4$12,800.0R, Ho
12Diversified Healthcare Trust36.7$8,200.0He, X
13The Inland Real Estate Group of Cos.30.8$6,700.094.0%O, I, R, Ho, X
14Harbor Group International4.4$2,300.093.0%O, I, R
15Transwestern Investment Group17.9$3,688.085.0%O, I, R
16Hunt Cos.2.2$-86.7%O, I, R, Ho, He, X
17Office Properties Income Trust24.1$4,700.089.5%O
18CP Group13.0$2,300.078.0%O
19FPA Multifamily5.5$2,000.092.0%O, I, R, Ho
20Industrial Logistics Properties Trust35.2$2,100.099.0%I

* Newmark’s figures represent the firm’s North American operations only.

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

To be included in upcoming surveys, email Jeff Hamann at [email protected]

Diversified Owners Endure Changes

Following a difficult 2020, the new year has presented its own set of challenges for commercial real estate owners. While the hospitality and retail sectors continue their long roads to recovery, more and more employees have begun the shift back to office space.

Commercial property owners, however, still need to contend with and navigate the myriad changes facing all property sectors due to the pandemic. From reconfigured office layouts to contactless service in retail and hospitality, property owners have largely stepped up and made the necessary investments.

Nuveen once again leads our list of top commercial property owners, boasting a 605 million square foot portfolio spanning the commercial real estate spectrum. The portfolio was valued at nearly $140 billion at the end of June 2021. Clarion Partners came in second place, with more than 250 million square feet globally. While more than half of the company’s assets are industrial, it also owns office, retail, hospitality and storage space.

Diversification remains a nearly uniform strength across our list. Seventy percent of our top 20 owners have portfolios including two or more asset types, with half even further diversified, with three or more under ownership. Environmentally sustainable properties have also continued to become a key component of most portfolios. Half of the companies on our list indicated that more than 10 percent of their holdings had attained a green certification.

Industrial real estate remains the darling sector, with 14 of our top 20 companies owning a collective 769.6 million square feet, or 42 percent of space owned by those on our list. Office properties, despite occupancy setbacks since early last year, also continued to appeal to investors, with 538 million square feet reported by our top 20, or nearly 30 percent of the total.


The 2021 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.

—Jeff Hamann, Senior Associate Editor, CPE

Read the November 2021 issue of CPE.

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