{"id":1004769192,"date":"2025-08-27T12:55:26","date_gmt":"2025-08-27T20:55:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004769192"},"modified":"2025-09-03T10:41:45","modified_gmt":"2025-09-03T18:41:45","slug":"foreign-investors-recalibrate-amid-uncertainties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/foreign-investors-recalibrate-amid-uncertainties\/","title":{"rendered":"Foreign Investors Recalibrate Amid Uncertainties"},"content":{"rendered":"\n
\"This\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Image by narvo vexar\/iStockphoto.com<\/em><\/figcaption><\/figure>\n\n\n\n

Foreign investors remain drawn to the U.S., but a flurry of recent domestic and international disruptions have thrown a wrench into their plans, somewhat.<\/p>\n\n\n\n

Rather than exit a market known for its relative stability, dynamic economy and robust real estate industry, however, foreign investors are recalibrating, pivoting their investment strategies and structures to focus on immediate, reliable cash flows and long-term resilience.<\/p>\n\n\n\n

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READ THE MAGAZINE<\/strong><\/a><\/div>\n<\/div>\n\n\n\n
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Since 2010, foreign direct investment has made up approximately 12 percent of U.S. investment activity, according to MSCI Real Capital Analytics. But last year foreign investors seemed to be pausing in light of growing economic and political uncertainties, both here and abroad.<\/p>\n\n\n\n

MSCI reported that in 2024, the sum of foreign direct investment<\/a> in the U.S. fell to $26.5 billion, a 49 percent year-over-year plunge from $36 billion in 2023.<\/p>\n\n\n\n

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People were hoping in their underwriting that there would be a lot more rate cuts than there have been, and there has mostly been a gap there.<\/strong><\/p>\n\u2014Cliff Booth, Founder & Chairman, Westmount Realty Capital<\/cite><\/blockquote>\n\n\n\n

\u201cThe excitement level for the U.S. has moderated, to say the least, as a result of policymaking that is seen as erratic, unpredictable and not fully settled,\u201d said Brian Klinksiek, LaSalle Investment Management\u2019s global head of research and strategy.<\/p>\n\n\n\n

In the U.S., those question marks are tied to rapidly evolving U.S. trade policies and interest rates, which remain elevated when compared to the rest of the developed world.<\/p>\n\n\n\n

\"7025\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
7025 W. Parkland Court, a 230,000-square-foot distribution center located outside Milwaukee, Wis. Foreign investors have shown an increased appetite for industrial assets in interior markets, in part due to their immunity to trade headwinds.
Image courtesy of Westmount Realty Capital<\/em><\/figcaption><\/figure>\n\n\n\n

\u201cPeople were hoping in their underwriting that there would be a lot more rate cuts than there have been, and there has mostly been a gap there,\u201d noted Cliff Booth, founder & chairman of Westmount Realty Capital, which has an institutional investor base from 12 countries on two continents.<\/p>\n\n\n\n

The current administration\u2019s Liberation Day tariffs, subsequent market crash and later suspension exacerbated these concerns, given their potential to drive up inflation and stymie consumer activity. The fallout from Aug. 7, when reciprocal tariffs were imposed on imports from nearly all countries, remains to be seen.<\/p>\n\n\n\n

\u201cThe market isn\u2019t completely stuck, but transactions are down 70 to 80 percent,\u201d observed Booth. \u201cWhen you layer on two wars and an administration change, there\u2019s just going to be a lot (more) uncertainty.\u201d
But in the minds of most foreign investors, these headwinds appear to be more acute than longstanding.
\u201cThe foreign direct investment in the U.S. is still massive,\u201d said John Creswell, executive managing director & global head of capital raising at Trez Capital, a Canada-based firm with more than $5.7 billion worth of assets under management in North America. \u201cIt\u2019s massive because of good legal structures, clear contract law and capital markets, lots of liquidity and deals that you can invest in with very strong verticals.\u201d<\/p>\n\n\n\n

In fact, some degree of uncertainty abroad can lead to the U.S. becoming a more attractive investment prospect. Javier Vergara, director of business development at Castle Lanterra has heard this reaction in discussions with the firm\u2019s Latin American investment partners.<\/p>\n\n\n\n

Despite the tariffs against their home countries, \u201cultra-high net worth individuals and family offices in Latin America want to raise money in the U.S. to have a more stable investment in dollars and hard currency,\u201d noted Vergara.<\/p>\n\n\n\n

Stability over innovation<\/h2>\n\n\n
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\"Jeffrey\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Jeffrey Horowitz, who sees trophy assets in gateway metros as winning bets for investors seeking both diversity and stability in their capital allocations.
Photo courtesy of Cottonwood Management<\/em><\/figcaption><\/figure><\/div>\n\n\n

Just how have foreign investors\u2019 strategies changed? Instead of pursuing properties and regions with growth potential, they\u2019re flocking toward proven assets in locations where demand remains strong.
\u201cOverall, they favor asset classes that offer income stability, growth potential and long-term value presentation,\u201d pointed out Jeffrey Horowitz, CFO & managing director at Cottonwood Management, an investment management firm with clients in the U.S. and Asia.<\/p>\n\n\n\n

Klinksiek agrees that investors \u201cdon\u2019t drive returns through yield compression, but through NOI growth.\u201d In terms of asset classes, foreign investors find multifamily and industrial offer the greatest opportunities for that growth. According to Q1 2025 data from the Association of Foreign Investors in Real Estate, these property types account for the largest and second-largest volume of holdings within investors\u2019 portfolios.<\/p>\n\n\n\n

Office, once an investment darling for foreign capital, has been put on the back burner amid longstanding struggles with tenant demand and renewal rates<\/a>. Forty percent of office property holders polled by AFIRE stated that they planned to decrease their holdings this year, marking the largest reduction for any asset class.<\/p>\n\n\n\n

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Looking at inflows of foreign investment can boost market sentiment and confidence and, on the flipside, a notable pullback can dampen the impact and signal that there\u2019s caution ahead.<\/strong><\/p>\n\u2014Jeffrey Horowitz, CFO & Managing Director, Cottonwood Group<\/cite><\/blockquote>\n\n\n\n

\u201cIndustrial financing leapfrogged office after the pandemic, and we saw that the cap rates and financing they could achieve were getting closer to what multifamily was doing in the market,\u201d detailed Alex Horn, founder & managing partner of BridgeInvest, a loan origination and asset management firm that represents investors from Asia, Europe and Latin America.<\/p>\n\n\n\n

Industrial is driven by \u201cstrong e-commerce growth and supply chain reshoring, which translates to an appetite for investing in warehouses, port storage and last-mile distribution centers, as opposed to manufacturing,\u201d shared Horowitz.<\/p>\n\n\n

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\"Alex\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Alex Horn, managing partner & founder of BridgeInvest. In line with the stability that industrial assets provide, Horn has also observed an increased appetite for senior level debt, as opposed to equity.
Photo courtesy of BridgeInvest<\/em><\/figcaption><\/figure><\/div>\n\n\n

Despite these trends, Horn anticipates some degree of a recalibration of industrial investment strategies, given the current administration\u2019s trade policies as well as a broader shift toward reshoring.<\/p>\n\n\n\n

\u201cA lot of the trade policies are focused on trying to manufacture, and that\u2019s going to cause a big shift in terms of demand for what type of investment we need in this country,\u201d he predicted. Still, this timeline is one spread out over decades.<\/p>\n\n\n\n

As far as where investors elect to park their money, the markets of choice can be split into two buckets. The first groups are gateway cities where investors can have their pick of trophy office towers\u2014such as New York, Los Angeles and Miami\u2014which are relatively immune to the office sector\u2019s wider struggles, distribution centers and, until recently, port warehouses. \u201cYou can\u2019t discount the attractiveness of gateway cities and trophy assets,\u201d advised Horowitz.<\/p>\n\n\n\n

The other regions piquing the interest of foreign investors are those where demand is the most present, be it for multifamily or the logistics needed to support growing populations. These include cities in fast-growing states such as Texas, Arizona, Georgia and Tennessee, which boast some of the nation\u2019s largest supply pipelines<\/a>. Like trophy assets in gateway cities, these are places where investors are both bullish about the short- and long-term investment prospects, according to Elie Rieder, Castle Lanterra\u2019s founder & CEO.<\/p>\n\n\n\n

\"Garland\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
As part of a partnership with an internationally based global equity firm, Westmount acquired Garland Business Park, a three-building, 1.1 million-square-foot industrial park located in the Dallas\u2013Fort Worth area. Industrial assets in fast-growing cities are very attractive for foreign investors, who are prioritizing NOI growth.
Image courtesy of Westmount Realty Capital<\/em><\/figcaption><\/figure>\n\n\n\n

Allocation is everything<\/h2>\n\n\n\n

If political changes have caused investors to reevaluate their allocations, it\u2019s fiscal news that has caused them to modify the means through which their capital goes toward new deals.<\/p>\n\n\n\n

Given where interest rates lie, senior debt is a safe bet for foreign investors since it\u2019s at the lowest risk of default amid a time of rising delinquency rates. \u201cThe more senior the capital stack, the more desire we\u2019re seeing for it,\u201d observed Horn. \u201cIt\u2019s grown, along with the paradigm shifts happening with global trade.\u201d
While the returns do not quite yet match those of equity, investors represented by Trez Capital have seen an 8 to 10 percent debt yield. \u201cIn some cases, that\u2019s a better return than a lot of core funds are offering,\u201d said Creswell.<\/p>\n\n\n\n

With resilience and reliability in mind, one area that foreign investors have shied away from outright is new development, which remains prohibitive amid tariffs and immigration policy changes, alongside an estimated 7 to 12 percent rise in material costs, according to data from JLL.<\/p>\n\n\n\n

\u201cThere\u2019s a broad difficulty with getting the mathematics of developing new space to work, and that\u2019s a function of rising interest rates and the inflation of construction costs,\u201d noted Klinksiek.
Where\u2019s the market headed?<\/p>\n\n\n\n

In the long term, foreign investors remain bullish on U.S. commercial real estate. What\u2019s more, as soon as some of the uncertainty around tariffs and geopolitics begins to abate, representatives of most foreign investors believe that sentiments will improve.<\/p>\n\n\n\n

\u201cUncertainty leads to instability, and instability isn\u2019t great for investors,\u201d said Booth. \u201cThe quicker we can get past these tariff issues and look beyond the trade wars with our allies \u2026 that will allow the climate to settle down.\u201d<\/p>\n\n\n\n

Conversely, the opposite could be true if inflation stays sticky, interest rates remain high and recently negotiated trade deals fall through. In any event, experts say the presence, or lack thereof, of foreign capital can be a broader signal for the health of the U.S. economy as a whole.<\/p>\n\n\n\n

\u201cLooking at inflows of foreign investment can boost market sentiment and confidence and, on the flipside, a notable pullback can dampen the impact and signal that there is caution ahead,\u201d noted Horowitz.<\/p>\n\n\n\n

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Read the September 2025 issue of CPE.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Though the US remains a magnet, fiscal and political turmoil have muddied the waters.<\/p>\n","protected":false},"author":3012,"featured_media":1004769213,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,1521,21808,21825,21747,51037],"tags":[],"class_list":["post-1004769192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-digital","category-featured","category-finance","category-office","category-trends"],"acf":[],"yoast_head":"\nForeign Investors Recalibrate Amid Uncertainties - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/foreign-investors-recalibrate-amid-uncertainties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign Investors Recalibrate Amid Uncertainties\" \/>\n<meta property=\"og:description\" content=\"Though the US remains a magnet, fiscal and political turmoil have muddied the waters.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/foreign-investors-recalibrate-amid-uncertainties\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-27T20:55:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-03T18:41:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/iStock-2162330093-Image-by-narvo-vexar-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/foreign-investors-recalibrate-amid-uncertainties\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/foreign-investors-recalibrate-amid-uncertainties\/\",\"name\":\"Foreign Investors Recalibrate Amid Uncertainties - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/foreign-investors-recalibrate-amid-uncertainties\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/foreign-investors-recalibrate-amid-uncertainties\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/iStock-2162330093-Image-by-narvo-vexar-featured.jpg\",\"datePublished\":\"2025-08-27T20:55:26+00:00\",\"dateModified\":\"2025-09-03T18:41:45+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/foreign-investors-recalibrate-amid-uncertainties\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/foreign-investors-recalibrate-amid-uncertainties\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/foreign-investors-recalibrate-amid-uncertainties\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/iStock-2162330093-Image-by-narvo-vexar-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/iStock-2162330093-Image-by-narvo-vexar-featured.jpg\",\"width\":1200,\"height\":900,\"caption\":\"Investment. 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