For more than thirty years, the AFIRE International Investor Survey has gathered the opinions of AFIRE members, comprised of more than 180 institutional investors, pension funds, asset managers, and other leading global organizations from twenty-five countries with approximately US$3 trillion AUM.
The results of this bi-annual process produce this benchmark opinion report; a useful tool for understanding the goals, challenges, and long-term thinking underscoring the international view of commercial real estate opportunities in the US.
This report, underwritten by Holland Partner Group, our longtime survey sponsor, provides a snapshot of what global real estate investors are thinking right now for cross-border investment—and how events today will impact future strategy.
Based on the diversity of ideas presented in this report, global capital in general—and commercial real estate in particular—are entering into a major era of change, especially as geopolitics turns a new world chapter in the years ahead. With continued inflationary pressures stressing many consumers, tense war conflicts in Europe and the Middle East, and the threat of tariffs putting markets on edge, investors are exercising caution and hedging their portfolios.
This survey was conducted in October and November 2024 by the AFIRE team in partnership with Ferguson Partners, a global professional services firm specializing in executive and board recruitment, to capture the direct insights of several AFIRE members. Their verbatims are included throughout this document.
Collectively, the findings reported here underscore the vitality of cross-border collaboration and conversation—especially in a future increasingly driven by the confluence of technological acceleration, political reorganization, and climate extremes.
KEY FINDINGS
- 82% believe all types of multifamily development should be prioritized for alleviating US housing availability and affordability.
- 81% agree that there is a visible point on the investment horizon where climate change will have a meaningful impact on migration.
- 67% of respondents predict that the US election decision will be detrimental to cross-border investment activity.
- 43% of investors believe that global politics and trade issues will have the greatest impact on cross-border investment over the next year.
- 40% of the US population (roughly 98 million people) did not vote in the 2024 US presidential election.
ABOUT HOLLAND PARTNER GROUP
Founded in 2000, Holland is a fully integrated real estate investment company developing high-quality investment properties in the Western United States, with expertise in development, construction, acquisition, redevelopment and property management. Holland creates sustainable, socially connected and vibrant communities to work, live and enjoy life. The company’s seasoned 750-member team creates innovative, quality, and value-driven residential and commercial projects, championing every phase of development and construction of its mixed-use properties, including residential, office, parking garages and retail assets. Headquartered in Vancouver, WA, Holland has offices in Denver, Seattle, Southern California, Northern California, and San Diego. Learn more at hollandpartnergroup.com.
ABOUT FERGUSON PARTNERS
As a talent management boutique with global reach, we go the extra distance with our expertise and experience to bring you tailored strategies that stand the test of time. Independent and employee-owned, we bring great pride, care, and passion to every engagement. With a strong concentration of real estate and real assets clients and deep expertise in hospitality and healthcare services, we are able to access talent from both inside and outside a variety of industries. Our approach has enabled us to recruit strong, diverse talent into the industries and asset classes we both love and serve. Learn more at fergusonpartners.com.
PERMISSIONS
All information contained in this report is the intellectual property of AFIRE. No sale or sub-licensing of the data is permitted; nor shall any data be altered or overwritten in this report.
ABOUT THE COVER
A photo of the Washington Monument in Washington, DC, against a clear blue sky. As viewed from the Jefferson Memorial, across the tidal basin. November 2024. Photo by Benjamin van Loon.
DATA USE AND REPRINTS
Reprints and/or redesigns are permitted, with the following source attribution in all instances: “Source: As of November 2024; 2024 AFIRE International Investor Survey 2024 Pulse, underwritten by Holland Partner Group; www.afire.org.”
Please contact Benjamin van Loon, bvanloon@afire.org, for hi-res graphics, data sets, reprints, and other uses.
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