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2021
COMMERCIAL REAL ESTATE
INTERNATIONAL BUSINESS
TRENDS
National Association of REALTORS®
Research Group
Foreword
Foreign Buyer Transactions Among NAR
Commercial Members in 2020
Foreign buyer trends
Top investors
Top state destinations
Characteristics of foreign buyers
Market Opportunities and Challenges
Foreign Investment in Large Commercial
Property Market
Cross-border flows
Top investors
Top markets
Property acquisitions
Sources of financing and cap rates
2
3
5
7
8
9
11
13
14
15
16
17
COMMERCIAL REAL ESTATE
INTERNATIONAL BUSINESS TRENDS 2021
The 2021 Commercial Real Estate International Business Trends Report
discusses the trends in foreign buyer purchases of U.S. commercial real estate
in 2020 in the “small commercial real estate market” (sales of below $2.5
million) and in the “large commercial real estate market” (sales of $2.5 million
or over).
The COVID-19 pandemic led to the worst economic collapse since the Great
Depression, with the global economy contracting by 4.4%. Only 7% of
members of the National Association of REALTORS® (NAR) with primary
specialization in commercial real estate reported they had transactions with
international clients in 2020 compared to 12% in past years. Foreign buyer
purchases decreased across all property types, with the biggest pullback in
the office, retail, and hotel sectors. Land, multifamily, and industrial
acquisitions also declined but less sharply. Among NAR commercial
members’ transactions, China held its spot as the top foreign buyer of
commercial real estate although its share declined to 14% in 2020 from 20% in
the prior year.
In the large commercial market characterized by acquisitions of at least $2.5
million, cross-border financial flows fell by 30% in 2020, according to Real
Capital Analytics market data. In the large capital market, Canada remained as
the top investor in U.S. commercial real estate, while Manhattan continued to
attract the most capital.
While cross-border capital inflows decreased, two positive trends are worth
noting. The first is that even if inflows decreased, current investors did not pull
out their existing investments so that on a net basis, the net divestment in
2019 (-$10.9 billion) reversed into a net investment in 2020 ($ 13.5 billion). In
short, the United States became a global investment haven in 2020. The
second positive trend is the emergence of secondary/tertiary markets in
investor’s commercial portfolios. While commercial acquisitions declined in
the primary metro areas of New York, Chicago, San Francisco, and Los
Angeles, cross-border financial flows have moved into the secondary/tertiary
markets such as the Inland Empire, Sacramento, San Diego, East Bay, and
Indianapolis, which placed these metro areas in the top 25 largest commercial
investment destinations in 2020.
Enjoy reading this report!
2021 COMMERCIAL REAL ESTATE
INTERNATIONAL BUSINESS TRENDS REPORT
4
Foreign Buyer Transactions in
U.S. Commercial Real Estate
Among NAR Commercial
Members in 2020*
The information on the small commercial market is based
on the responses of 1,821 commercial members of the
National Association of REALTORS® (NAR) who responded
to NAR’s international commercial real estate survey that
was deployed during January 18—February 14, 2021. Of the
1,821 respondents, 179 had an international client; these
respondents were asked to provide information about the
most recent foreign buyer during 2020.
5
/1 Source: NAR Commercial Real Estate Quarterly Market Survey
/2 Type A international clients are non-U.S. citizens who live abroad. Type B international clients are
non-U.S. citizens who already reside in the U.S. on a visa or who immigrated to the United States in
the past two years prior to the transaction.
12.0% 12.0%
11.5%
12.0%
7.4%
2016 2017 2018 2019 2020
Percent of NAR Commercial Members
Who Closed a Sale Transaction that
Involved International Clients Who
Live Abroad (Type A)
64% 63%
67%
53%
44%
36% 37%
33%
48%
56%
2016 2017 2018 2019 2020
Percentage Distribution of Foreign
Buyers of Commercial Real Estate
Reported by NAR Commercial
Members
Type A Type B
NATIONAL ASSOCIATION of REALTORS®
FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL
ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020
Decline in Foreign Buyers
Purchasing Commercial Real
Estate in 2020
For the year 2020, 7.4% of
members of the National
Association of REALTORS® whose
primary specialty is commercial (or
“commercial members”) reported
they closed a sale that involved
international clients who live
abroad (or Type A clients). This is a
lower share compared to past
years when about 12% of NAR
commercial members reported a
sale that involved an international
Type A client.1
During 2020, the share of Type A
international clients who
purchased U.S. commercial real
estate decreased to 44%, while the
share of Type B international
clients rose to 56%. In past years,
Type A clients made up more than
50% of all foreign buyers who
purchased U.S. commercial real
estate.2
6
Among all NAR commercial members, 12%
reported that the share of international
commercial clients to their total business
declined in 2020. In 2019, only 2% of NAR
commercial members reported a decrease
in the share of their business that is
international.
Foreign buyer sales fell across all
commercial property types, with the largest
declines in the office (-7%) and retail (-7%)
properties market. The dollar volume of
sales transactions fell as well for industrial
properties (-5%) , even with the acceleration
of e-commerce sales that underpins the
demand for industrial properties.
Apartment (-4%) and land acquisitions (-4%)
also declined but less so than other property
types.
NAR commercial members reported that
the travel restrictions, stay-in—place orders,
pandemic-induced decline in buyer’s
income, and supply disruptions affected
international business transactions. Lending
conditions did not tighten much, with only
22% of NAR commercial members reporting
the pandemic impacted the availability of
credit.
-7% -7% -6%
-5% -4% -4% -4%
Percent Change in Dollar Sales
Volume of Properties Purchased by
Foreign Buyers During 2020 Reported
by NAR Commercial Members
NATIONAL ASSOCIATION of REALTORS®
22%
76%
2%
20%
68%
12%
Increased Stayed about
the same
Decreased
Change in the Share of International
Commercial Clients to Total Business
in 2020 of NAR Commercial Members
2019 2020
44%
40%
36%
22%
26%
29%
Travel bans restricted
travel to the United
States
Social distancing or stay-
in-place orders affected
property touring
Pandemic impacted the
business or personal
income of the buyer
Pandemic impacted the
availability of credit
(lenders pulled back)
Pandemic slowed
construction or resulted
in supply disruptions
No impact/don't have
international clients
Percent of NAR Commercial Members
Who Reported How COVID-19
Impacted International Business
Transactions
FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL
ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020
7
NATIONAL ASSOCIATION of REALTORS®
Top Foreign Buyers of U.S. Commercial
Real Estate in 2020
Among NAR commercial members,
Canada and Latin American (30%) were
the largest sources of commercial foreign
buyers in 2020, followed by Asia (25%), the
Middle East (17%), Europe (13%), and Africa
(1%). Thirteen percent of members were
not able to recall or identify the country of
origin of the buyer.
China remained as the top foreign buyer
(14%) although its share fell from 20% in
2019. China has also been the top buyer of
U.S. residential real estate since 2015, as
reported in NAR”s Profile of International
Transactions in U.S. Residential Real
Estate . Colombia made it to the top 5
origin of commercial buyers, and it also
became a top 5 residential buyer in 2020.
China Mexico Canada Colombia Germany
United
Kingdom
2016 17% 14% 4% 1% 2% 7%
2017 20% 11% 8% 1% 5% 6%
2018 21% 6% 7% 1% 5% 5%
2019 20% 11% 8% 1% 2% 2%
2020 14% 5% 5% 5% 4% 4%
0%
5%
10%
15%
20%
25%
Top Foreign Buyers of U.S. Commercial Real Estate of NAR
Commercial Members
FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL
ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020
30%
25%
17%
13%
1%
13%
Americas
Asia
Middle East
Europe
Africa
Uknown
Region of Origin of NAR Commercial
Members' Foreign Buyers
8
NATIONAL ASSOCIATION of REALTORS®
Top State Destinations Among Foreign Buyers of U.S. Commercial Real
Estate in 2020
Among NAR commercial members, Florida accounted for the largest share of
foreign commercial buyers, at 31%. California and Texas each accounted for
11%, New Jersey at 6%, and New York, Georgia, and North Carolina, each at 3%.
Florida, California, Texas, New York, and New Jersey were also the top 5 states
destinations of foreign buyers of residential property in 2020, while Georgia
and North Carolina were also major destinations, according to NAR”s Profile of
International Transactions in U.S. Residential Real Estate.
Florida California Texas
New
Jersey
New York Georgia
North
Carolina
2016 26% 8% 19% 1% 6% 1% 2%
2017 23% 13% 16% 1% 2% 3% 1%
2018 20% 9% 11% 3% 4% 4% 1%
2019 25% 9% 14% 1% 2% 11% 2%
2020 31% 11% 11% 6% 3% 3% 3%
0%
5%
10%
15%
20%
25%
30%
35%
Top State Destinations of Foreign Buyers of U.S. Commercial Real
Estate of NAR Commercial Members
FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL
ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020
9
Top State Destinations Among Foreign
Buyers of U.S. Commercial Real Estate
in 2020
Multifamily buildings and land were the
preferred property acquisitions of foreign
buyers of NAR commercial members,
each accounting for 21% of commercial
purchases. Retail and industrial buildings
each accounted for 16%, followed by office
buildings at 4%, hotels at 1%, and senior
housing at 1%.
The primary purpose for purchasing these
commercial properties were to rent them
out (37%), for residential use, or for the
buyer’s business use (21%).
Fifty-three percent were all-cash
transactions, a lower share compared to
the 2019 share, as the share of Type A
clients declined. Type A clients tend to
pay all-cash.
NATIONAL ASSOCIATION of REALTORS®
58%
30%
1%
5% 6%
53%
38%
4%
1% 4%
All cash U.S.
mortgage
financing
Home
country
mortgage
Financing
Unknown Other
Source of Financing Among Foreign
Buyers of NAR Commercial Members
2019 2020
17%
23%
19%
16%
5%
6%
21% 21%
16%
8%
4%
1% 1%
Commercial Property Purchased by
Foreign Buyers of NAR Commercial
Members
2019 2020
INTERNATIONAL BUYERS OF U.S COMMERCIAL REAL
ESTATE OF NAR COMMERCIAL MEMBERS IN 2020
41%
18%
30%
11%
37%
23%
21% 20%
Rent out For
residential
use
For use in a
business
Unknown
Reason for Purchasing Commercial
Real Estate
2019 2020
FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL
ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020
10
NATIONAL ASSOCIATION of REALTORS®
-6%
-5% -5%
-3%
-2% -2%
-4%
By property type, what is your outlook of
the dollar sales volume of foreign buyer
transactions in 2021 vs. 2020.
2021 Outlook
Commercial members expect
commercial property acquisitions by
foreign buyers to continue to decline in
2021.
NAR commercial members expect the
steepest decline in sales for office (-6%),
hotel (-5%), and retail (-5%) properties,
with the least decline in purchases of
land (-2%) and apartment buildings (-
2%).
Thirty-eight percent of respondents
expect their international business
sales will return to pre-pandemic level
only in 2023. Only 3% expect their
international client business will not
return to normal. Ten percent reported
that the pandemic had no impact
(these can include respondents who do
not work with international clients.)
FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL
ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020
17%
19%
38%
13%
3%
10%
2021 2022 2023 Beyond 2023 Won't likely
return to pre-
pandemic
level
Pandemic
had no
impact
When do you expect your international business sales
volume to return to the 2010 (pre-pandemic) level?
Excluding respondents who reported “don’t know
11
NATIONAL ASSOCIATION of REALTORS®
What are your market's biggest opportunities for International clients?
o Low interest rates
o Homes are relatively cheaper and affordable (Florida, Minnesota, New
Mexico, Oregon. Tennessee, Texas Puerto Rico)
o Relatively high cap rates (North Carolina)
o Good inventory of available properties (Arizona, Indiana, Nevada)
o Good job growth (Colorado)
o Lower wages are good for business (Missouri)
o International trade zones (Illinois)
o Opportunity for appreciation (California, New Jersey, New York, Wisconsin)
o Good logistics and distribution business and growing economy (Georgia)
o International commercial listing platform is coming soon (Georgia)
o Huge vacancies in commercial property (California)
o Abundant and cheap land (Arkansas, Florida, Illinois, Louisiana, Minnesota,
Mississippi, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Texas,
Washington)
o International nature of Washington, DC (Maryland, Virginia)
o Proximity to Canada (New York)
o Investment villas (U.S. Virgin Islands)
o Manufacturing, oil, and gas industry (Utah)
o Government program for foreign investors (Louisiana)
FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL
ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020
What are your market's biggest challenges working with International clients?
o COVID-19 travel restrictions, access to and touring of property
o Low inventory
o Immigration policies (California, New Mexico)
o Communication/language problems (Colorado, New Jersey, New York, Montana,
o Explaining domestic laws, norms, and the buying process to foreign clients
o Understanding FIRPTA (Colorado)
o Availability of financing for investors (Tennessee)
o Getting money of out China and/or transferring money (California, Texas)
o High cost of transferring money charged by buyer’s local bank (Illinois)
o Visa issues (California, Texas, Florida, Ohio)
o Cannot sell agricultural land to foreigners (Minnesota)
o Need for a real commercial MLS (California)
o No international airport (Kansas City)
12
Cross-Border Financial Flows in
the Large Commercial Real Estate
Market in 2020*
This section is based on NAR’s analysis of Real Capital
Analytics market data on transactions of at least $2.5 million.
Cross-border flows decline 30% in 2020
Cross-border inflows of at least $2.5
million or more for the acquisition of U.S.
commercial real estate declined 30% in
2020, to $35.5 billion ($51 billion in 2019).
On a positive note, sales did not decline
as sharply compared to the 85% decline
in 2009 during the Great Recession.
Cross border flows accounted for 8.5% of
the $416.7 billion in U.S. commercial real
estate acquisitions in 2020 (8.6% in 2019).
Cross-border flows declined from all
regions: Asia (-3%), Canada (-10%), Europe
(-40%), Middle East (-62%), and from the
rest of the world (-78%).
13
NATIONAL ASSOCIATION of REALTORS®
0.0%
5.0%
10.0%
15.0%
20.0%
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
01Q1
03Q1
05Q1
07Q1
09Q1
11Q1
13Q1
15Q1
17Q1
19Q1
Billions
4-Quarter Cross Border Flow for the
Acquisition of U.S. Commercial Real
Estate
4-Qtr Cross Border Flows
% to total transactions
Europe
26.6%
Middle
East
8.8%
Canada
34.5%
Asia
28.1%
Rest of
World
2.0%
Origin of Cross Border Flows in 2020
Source of data: Real Capital Analytics
CROSS-BORDER FINANCIAL FLOWS IN THE LARGE
COMMERCIAL REAL ESTATE MARKET IN 2020
$9.4
$3.1
$12.2
$10.0
$0.7
$0
$10
$20
$30
$40
$50
18Q1
18Q2
18Q3
18Q4
19Q1
19Q2
19Q3
19Q4
20Q1
20Q2
20Q3
20Q4
Billions
Origin of 4-Quarter Cross Border Flows
for the Acquisition of U.S. Commercial
Real Estate
Europe Middle East
Canada Asia
Rest of World
While cross-border inflows fell,
investors did not also pull out
their existing investments
which led to a net investment of
$13.5 billion in 2020, a reversal of
the $10.9 billion of net
divestment in 2019. In short, the
United States became a global
investment haven as global
economic output contracted.
Canada and Asia are largest
sources of capital
Canada remained as the U.S.
top investor (#1 in 2019),
acquiring $12.4 billion of
commercial real estate in the
United States in 2020. South
Korea was the second largest
investor, acquiring $5.2 billion of
commercial real estate (#4 in
2019). Germany was the third
largest, with $4.0 billion in
commercial real estate
acquisitions (#2 in 2019). Oher
countries, each with more than
$1 billion in acquisitions, were
Singapore (#7 in 2019), the
United Kingdom (#11 in 2019),
Switzerland (#3 in 2019), and
Japan (#8 in 2019).
South Korea, Singapore, France,
and Kuwait, and Sweden were
the only countries that had an
increase in cross-border flows in
2020 compared to 2019, with
the largest increase in inflows
from South Korea.
14
NATIONAL ASSOCIATION of REALTORS®
$13.8
$12.36
$5.24
$4.02
$2.69
$1.69
$1.52
$1.07
$0.88
$0.84
$0.76
$0.69
$0.64
$0.38
$0.33
$0.30
$0.25
$0.22
$0.15
$0.13
$0.13
Canada
South Korea
Germany
Singapore
United Kingdom
Switzerland
Japan
Israel
France
Bahrain
Kuwait
China
Turkey
Saudi Arabia
Sweden
United Arab Emirates
Netherlands
Mexico
Australia
Qatar
Top Countries Investing in U.S. Commercial Real
Estate in 2020 (in billion dollars)
2019 2020
Source of data: Real Capital Analytics
CROSS-BORDER FINANCIAL FLOWS IN THE LARGE
COMMERCIAL REAL ESTATE MARKET IN 2020
-$10.9
$13.5
($20.0)
($10.0)
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
'07
'08
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
Billions
Net Investment by Region in Billion
Dollars
Rising Acquisitions in
Secondary Markets
Manhattan remained the top
recipient of cross-border
commercial capital, with
investors pouring in $3.9
billion of capital, or 11% of total
U.S. inflow. Other markets
where foreign investors
invested at least $1 billion in
commercial real estate were
Seattle (#2 in 2019), San
Francisco (#4 in 2019), Dallas
(#5 in 2019), Atlanta (#7 in
2019), Los Angeles (#2 in 2019),
and Chicago (#6 in 2019).
The share of cross-border
capital of the six major
markets (New York, Chicago,
Boston, Washington DC, Los
Angeles, and San Francisco)
declined to 39% in 2020 (46%
in 2019).
As investors moved a away
from primary cities, capital
moved into secondary or
tertiary markets like the Inland
Empire, Sacramento, San
Diego, and East Bay, and
Indianapolis. These metro
areas made it to the top 25
markets with the largest
cross-borders capital inflow in
2020.
15
NATIONAL ASSOCIATION of REALTORS®
$8.0
$0.4
$0.4
$0.5
$0.5
$0.5
$0.6
$0.6
$0.6
$0.6
$0.6
$0.6
$0.7
$0.8
$0.8
$0.9
$0.9
$0.9
$1.1
$1.2
$1.5
$1.6
$1.7
$2.6
$3.9
Houston
Indianapolis
East Bay
Miami/Dade Co
DC VA burbs
DC MD burbs
San Diego
DC
San Jose
Philadelphia
NYC Boroughs
Austin
Sacramento
Inland Empire
Phoenix
Boston
Denver
Chicago
Los Angeles
Atlanta
Dallas
San Francisco
Seattle
Manhattan
Cross Border Flows in U.S. Commercial Real
Estate in Top Markets in Billion Dollars
2020 2019
39%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
01Q1
02Q1
03Q1
04Q1
05Q1
06Q1
07Q1
08Q1
09Q1
10Q1
11Q1
12Q1
13Q1
14Q1
15Q1
16Q1
17Q1
18Q1
19Q1
20Q1
Share of Six Major Markets* to Total Cross-
Border Capital Flows
*Real Capital Analytics identifies the six major markets as NYC Metro, Boston
Metro, Chicago Metro, DC Metro, San Francisco Metro, and Los Angeles Metro.
Source of data: Real Capital Analytics
CROSS-BORDER FINANCIAL FLOWS IN THE LARGE
COMMERCIAL REAL ESTATE MARKET IN 2020
Cross-border acquisitions
shifts towards industrial and
multifamily assets
Cross-border acquisitions
declined across all property
types, except for industrial
acquisitions which increased by
62%, to $10.8 billion ($6.7 billion
in 2019).
Acquisitions of industrial
property accounted for 31% of
cross-border capital flows,
followed by multifamily, at 27%,
and office buildings located in
central business districts, at
20%.
Acquisitions of retail property
has sharply declined since 2018
when acquisitions peaked to
$29.2 billion in 2018 or 31% of
cross-border flows. Conversely,
during this same period, the
share of industrial acquisitions
to total cross-border flows rose
from 17% to 30%.
16
NATIONAL ASSOCIATION of REALTORS®
$7.1
$3.5
$9.5
$1.4
$10.8
$1.8
$1.1
$0.2
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
18Q1
18Q2
18Q3
18Q4
19Q1
19Q2
19Q3
19Q4
20Q1
20Q2
20Q3
20Q4
Billions
4-Quarter Acquisitions of Cross-Border Capital
by Property Type in Billion Dollars
Office CBD
Office Suburban
Multifamily
Retail
Industrial
Hotel
Development Site
Seniors Housing & Care
Office CBD
20.0%
Office
Suburban
9.9%
Multifamily
26.9%
Retail
4.1%
Industrial
30.5%
Hotel
4.9%
Development
Site
3.2%
Seniors
Housing &
Care
0.5%
Commercial Property Acquisitions of Foreign
Investors in 2020
Source of data: Real Capital Analytics
CROSS-BORDER FINANCIAL FLOWS IN THE LARGE
COMMERCIAL REAL ESTATE MARKET IN 2020
Institutional Investors Were Major
Sources of Cross-border Capital
Of the $35.5. billion in cross-border
capital, 72% came from institutional
investors (e.g. pension funds, banks,
wealth funds), 15% from private
investors (e.g., high net worth
individuals or developers), and 11%
from publicly listed companies
(e.g. REITS). Users of the property
(corporate, government, non-profit,
educational, church, etc.)
accounted for 2% cross-border
capital inflow.
Cross-border acquisitions had lower
cap rates than the total market
acquisitions, given that the bulk of
investors are institutional investors
which tend to invest heavily in safer
assets to protect the capital of their
own investors.
17
NATIONAL ASSOCIATION of REALTORS®
5.1%
6.1%
5.2%
6.5%
5.0%
8.2%
5.6%
6.8%
6.1%
6.6%
5.1%
8.8%
Office
-
CBD
Office
-
Sub
Industrial
Retail
Apartment
Hotel
Cap Rates in 2020 for Commercial
Property Acquisitions of $2.5 Million or
Greater
Cross-Border Total Market
Institutional,
$25,416,462,944,
72%
Private,
$5,437,115
,712, 15%
Public,
$3,959,556,608,
11%
User/Other,
$641,903,412,
2%
Acquisitions by Capital Group
$197
$49
$31 $27
$48 $57
$64
$16 $14 $8
$21 $12
Office
-
CBD
Office
-
Sub
Industrial
Retail
Apartment
Hotel
Deal Size in Million Dollars
Cross-Border Total Market
Source of data: Real Capital Analytics
CROSS-BORDER FINANCIAL FLOWS IN THE LARGE
COMMERCIAL REAL ESTATE MARKET IN 2020
©2021 National Association of REALTORS®
All Rights Reserved. May not be reprinted in whole or in part without permission of the
National Association of REALTORS®.
For question about this report or reprint information, contact data@nar.realtor.
COMMERCIAL REAL ESTATE INTERNATIONAL
BUSINESS TRENDS 2021
RESEARCH AND ANALYSIS
LAWRENCE YUN, PhD
Chief Economist & Senior Vice President for Research
GAY CORORATON
Senior Economist & Director of Housing and Commercial Research
MEREDITH DUNN
Research Manager
ANNA SCHNERRE
Research Associate, Business Insights
NATIONAL ASSOCIATION OF REALTORS®
The National Association of REALTORS® is America’s largest
trade association, representing over 1.3 million members,
including NAR’s institutes, societies and councils, involved in
all aspects of the real estate industry. NAR membership
includes brokers, salespeople, property managers, appraisers,
counselors and others engaged in both residential and
commercial real estate. The term REALTOR® is a registered
collective membership mark that identifies a real estate
professional who is a member of the National Association of
REALTORS® and subscribes to its strict Code of Ethics.
Working for America's property owners, the National
Association provides a facility for professional development,
research and exchange of information among its members
and to the public and government for the purpose of
preserving the free enterprise system and the right to own
real property.
NATIONAL ASSOCIATION OF REALTORS®
RESEARCH GROUP
The Mission of the NATIONAL ASSOCIATION OF REALTORS®
Research Group is to produce timely, data-driven market
analysis and authoritative business intelligence to serve
members, and inform consumers, policymakers and the
media in a professional and accessible manner.
To find out about other products from NAR Research, visit:
www.nar.realtor/research-and-statistics.
500 New Jersey Avenue, NW
Washington, DC 20001
202.383.1000
data@realtors.org
19

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2021 commercial-real-estate-international-business-trends-report-03-31-2021

  • 1. 2021 COMMERCIAL REAL ESTATE INTERNATIONAL BUSINESS TRENDS National Association of REALTORS® Research Group
  • 2. Foreword Foreign Buyer Transactions Among NAR Commercial Members in 2020 Foreign buyer trends Top investors Top state destinations Characteristics of foreign buyers Market Opportunities and Challenges Foreign Investment in Large Commercial Property Market Cross-border flows Top investors Top markets Property acquisitions Sources of financing and cap rates 2 3 5 7 8 9 11 13 14 15 16 17 COMMERCIAL REAL ESTATE INTERNATIONAL BUSINESS TRENDS 2021
  • 3. The 2021 Commercial Real Estate International Business Trends Report discusses the trends in foreign buyer purchases of U.S. commercial real estate in 2020 in the “small commercial real estate market” (sales of below $2.5 million) and in the “large commercial real estate market” (sales of $2.5 million or over). The COVID-19 pandemic led to the worst economic collapse since the Great Depression, with the global economy contracting by 4.4%. Only 7% of members of the National Association of REALTORS® (NAR) with primary specialization in commercial real estate reported they had transactions with international clients in 2020 compared to 12% in past years. Foreign buyer purchases decreased across all property types, with the biggest pullback in the office, retail, and hotel sectors. Land, multifamily, and industrial acquisitions also declined but less sharply. Among NAR commercial members’ transactions, China held its spot as the top foreign buyer of commercial real estate although its share declined to 14% in 2020 from 20% in the prior year. In the large commercial market characterized by acquisitions of at least $2.5 million, cross-border financial flows fell by 30% in 2020, according to Real Capital Analytics market data. In the large capital market, Canada remained as the top investor in U.S. commercial real estate, while Manhattan continued to attract the most capital. While cross-border capital inflows decreased, two positive trends are worth noting. The first is that even if inflows decreased, current investors did not pull out their existing investments so that on a net basis, the net divestment in 2019 (-$10.9 billion) reversed into a net investment in 2020 ($ 13.5 billion). In short, the United States became a global investment haven in 2020. The second positive trend is the emergence of secondary/tertiary markets in investor’s commercial portfolios. While commercial acquisitions declined in the primary metro areas of New York, Chicago, San Francisco, and Los Angeles, cross-border financial flows have moved into the secondary/tertiary markets such as the Inland Empire, Sacramento, San Diego, East Bay, and Indianapolis, which placed these metro areas in the top 25 largest commercial investment destinations in 2020. Enjoy reading this report! 2021 COMMERCIAL REAL ESTATE INTERNATIONAL BUSINESS TRENDS REPORT
  • 4. 4 Foreign Buyer Transactions in U.S. Commercial Real Estate Among NAR Commercial Members in 2020* The information on the small commercial market is based on the responses of 1,821 commercial members of the National Association of REALTORS® (NAR) who responded to NAR’s international commercial real estate survey that was deployed during January 18—February 14, 2021. Of the 1,821 respondents, 179 had an international client; these respondents were asked to provide information about the most recent foreign buyer during 2020.
  • 5. 5 /1 Source: NAR Commercial Real Estate Quarterly Market Survey /2 Type A international clients are non-U.S. citizens who live abroad. Type B international clients are non-U.S. citizens who already reside in the U.S. on a visa or who immigrated to the United States in the past two years prior to the transaction. 12.0% 12.0% 11.5% 12.0% 7.4% 2016 2017 2018 2019 2020 Percent of NAR Commercial Members Who Closed a Sale Transaction that Involved International Clients Who Live Abroad (Type A) 64% 63% 67% 53% 44% 36% 37% 33% 48% 56% 2016 2017 2018 2019 2020 Percentage Distribution of Foreign Buyers of Commercial Real Estate Reported by NAR Commercial Members Type A Type B NATIONAL ASSOCIATION of REALTORS® FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020 Decline in Foreign Buyers Purchasing Commercial Real Estate in 2020 For the year 2020, 7.4% of members of the National Association of REALTORS® whose primary specialty is commercial (or “commercial members”) reported they closed a sale that involved international clients who live abroad (or Type A clients). This is a lower share compared to past years when about 12% of NAR commercial members reported a sale that involved an international Type A client.1 During 2020, the share of Type A international clients who purchased U.S. commercial real estate decreased to 44%, while the share of Type B international clients rose to 56%. In past years, Type A clients made up more than 50% of all foreign buyers who purchased U.S. commercial real estate.2
  • 6. 6 Among all NAR commercial members, 12% reported that the share of international commercial clients to their total business declined in 2020. In 2019, only 2% of NAR commercial members reported a decrease in the share of their business that is international. Foreign buyer sales fell across all commercial property types, with the largest declines in the office (-7%) and retail (-7%) properties market. The dollar volume of sales transactions fell as well for industrial properties (-5%) , even with the acceleration of e-commerce sales that underpins the demand for industrial properties. Apartment (-4%) and land acquisitions (-4%) also declined but less so than other property types. NAR commercial members reported that the travel restrictions, stay-in—place orders, pandemic-induced decline in buyer’s income, and supply disruptions affected international business transactions. Lending conditions did not tighten much, with only 22% of NAR commercial members reporting the pandemic impacted the availability of credit. -7% -7% -6% -5% -4% -4% -4% Percent Change in Dollar Sales Volume of Properties Purchased by Foreign Buyers During 2020 Reported by NAR Commercial Members NATIONAL ASSOCIATION of REALTORS® 22% 76% 2% 20% 68% 12% Increased Stayed about the same Decreased Change in the Share of International Commercial Clients to Total Business in 2020 of NAR Commercial Members 2019 2020 44% 40% 36% 22% 26% 29% Travel bans restricted travel to the United States Social distancing or stay- in-place orders affected property touring Pandemic impacted the business or personal income of the buyer Pandemic impacted the availability of credit (lenders pulled back) Pandemic slowed construction or resulted in supply disruptions No impact/don't have international clients Percent of NAR Commercial Members Who Reported How COVID-19 Impacted International Business Transactions FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020
  • 7. 7 NATIONAL ASSOCIATION of REALTORS® Top Foreign Buyers of U.S. Commercial Real Estate in 2020 Among NAR commercial members, Canada and Latin American (30%) were the largest sources of commercial foreign buyers in 2020, followed by Asia (25%), the Middle East (17%), Europe (13%), and Africa (1%). Thirteen percent of members were not able to recall or identify the country of origin of the buyer. China remained as the top foreign buyer (14%) although its share fell from 20% in 2019. China has also been the top buyer of U.S. residential real estate since 2015, as reported in NAR”s Profile of International Transactions in U.S. Residential Real Estate . Colombia made it to the top 5 origin of commercial buyers, and it also became a top 5 residential buyer in 2020. China Mexico Canada Colombia Germany United Kingdom 2016 17% 14% 4% 1% 2% 7% 2017 20% 11% 8% 1% 5% 6% 2018 21% 6% 7% 1% 5% 5% 2019 20% 11% 8% 1% 2% 2% 2020 14% 5% 5% 5% 4% 4% 0% 5% 10% 15% 20% 25% Top Foreign Buyers of U.S. Commercial Real Estate of NAR Commercial Members FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020 30% 25% 17% 13% 1% 13% Americas Asia Middle East Europe Africa Uknown Region of Origin of NAR Commercial Members' Foreign Buyers
  • 8. 8 NATIONAL ASSOCIATION of REALTORS® Top State Destinations Among Foreign Buyers of U.S. Commercial Real Estate in 2020 Among NAR commercial members, Florida accounted for the largest share of foreign commercial buyers, at 31%. California and Texas each accounted for 11%, New Jersey at 6%, and New York, Georgia, and North Carolina, each at 3%. Florida, California, Texas, New York, and New Jersey were also the top 5 states destinations of foreign buyers of residential property in 2020, while Georgia and North Carolina were also major destinations, according to NAR”s Profile of International Transactions in U.S. Residential Real Estate. Florida California Texas New Jersey New York Georgia North Carolina 2016 26% 8% 19% 1% 6% 1% 2% 2017 23% 13% 16% 1% 2% 3% 1% 2018 20% 9% 11% 3% 4% 4% 1% 2019 25% 9% 14% 1% 2% 11% 2% 2020 31% 11% 11% 6% 3% 3% 3% 0% 5% 10% 15% 20% 25% 30% 35% Top State Destinations of Foreign Buyers of U.S. Commercial Real Estate of NAR Commercial Members FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020
  • 9. 9 Top State Destinations Among Foreign Buyers of U.S. Commercial Real Estate in 2020 Multifamily buildings and land were the preferred property acquisitions of foreign buyers of NAR commercial members, each accounting for 21% of commercial purchases. Retail and industrial buildings each accounted for 16%, followed by office buildings at 4%, hotels at 1%, and senior housing at 1%. The primary purpose for purchasing these commercial properties were to rent them out (37%), for residential use, or for the buyer’s business use (21%). Fifty-three percent were all-cash transactions, a lower share compared to the 2019 share, as the share of Type A clients declined. Type A clients tend to pay all-cash. NATIONAL ASSOCIATION of REALTORS® 58% 30% 1% 5% 6% 53% 38% 4% 1% 4% All cash U.S. mortgage financing Home country mortgage Financing Unknown Other Source of Financing Among Foreign Buyers of NAR Commercial Members 2019 2020 17% 23% 19% 16% 5% 6% 21% 21% 16% 8% 4% 1% 1% Commercial Property Purchased by Foreign Buyers of NAR Commercial Members 2019 2020 INTERNATIONAL BUYERS OF U.S COMMERCIAL REAL ESTATE OF NAR COMMERCIAL MEMBERS IN 2020 41% 18% 30% 11% 37% 23% 21% 20% Rent out For residential use For use in a business Unknown Reason for Purchasing Commercial Real Estate 2019 2020 FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020
  • 10. 10 NATIONAL ASSOCIATION of REALTORS® -6% -5% -5% -3% -2% -2% -4% By property type, what is your outlook of the dollar sales volume of foreign buyer transactions in 2021 vs. 2020. 2021 Outlook Commercial members expect commercial property acquisitions by foreign buyers to continue to decline in 2021. NAR commercial members expect the steepest decline in sales for office (-6%), hotel (-5%), and retail (-5%) properties, with the least decline in purchases of land (-2%) and apartment buildings (- 2%). Thirty-eight percent of respondents expect their international business sales will return to pre-pandemic level only in 2023. Only 3% expect their international client business will not return to normal. Ten percent reported that the pandemic had no impact (these can include respondents who do not work with international clients.) FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020 17% 19% 38% 13% 3% 10% 2021 2022 2023 Beyond 2023 Won't likely return to pre- pandemic level Pandemic had no impact When do you expect your international business sales volume to return to the 2010 (pre-pandemic) level? Excluding respondents who reported “don’t know
  • 11. 11 NATIONAL ASSOCIATION of REALTORS® What are your market's biggest opportunities for International clients? o Low interest rates o Homes are relatively cheaper and affordable (Florida, Minnesota, New Mexico, Oregon. Tennessee, Texas Puerto Rico) o Relatively high cap rates (North Carolina) o Good inventory of available properties (Arizona, Indiana, Nevada) o Good job growth (Colorado) o Lower wages are good for business (Missouri) o International trade zones (Illinois) o Opportunity for appreciation (California, New Jersey, New York, Wisconsin) o Good logistics and distribution business and growing economy (Georgia) o International commercial listing platform is coming soon (Georgia) o Huge vacancies in commercial property (California) o Abundant and cheap land (Arkansas, Florida, Illinois, Louisiana, Minnesota, Mississippi, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Washington) o International nature of Washington, DC (Maryland, Virginia) o Proximity to Canada (New York) o Investment villas (U.S. Virgin Islands) o Manufacturing, oil, and gas industry (Utah) o Government program for foreign investors (Louisiana) FOREIGN BUYER TRANSACTIONS IN U.S COMMERCIAL REAL ESTATE AMONG NAR COMMERCIAL MEMBERS IN 2020 What are your market's biggest challenges working with International clients? o COVID-19 travel restrictions, access to and touring of property o Low inventory o Immigration policies (California, New Mexico) o Communication/language problems (Colorado, New Jersey, New York, Montana, o Explaining domestic laws, norms, and the buying process to foreign clients o Understanding FIRPTA (Colorado) o Availability of financing for investors (Tennessee) o Getting money of out China and/or transferring money (California, Texas) o High cost of transferring money charged by buyer’s local bank (Illinois) o Visa issues (California, Texas, Florida, Ohio) o Cannot sell agricultural land to foreigners (Minnesota) o Need for a real commercial MLS (California) o No international airport (Kansas City)
  • 12. 12 Cross-Border Financial Flows in the Large Commercial Real Estate Market in 2020* This section is based on NAR’s analysis of Real Capital Analytics market data on transactions of at least $2.5 million.
  • 13. Cross-border flows decline 30% in 2020 Cross-border inflows of at least $2.5 million or more for the acquisition of U.S. commercial real estate declined 30% in 2020, to $35.5 billion ($51 billion in 2019). On a positive note, sales did not decline as sharply compared to the 85% decline in 2009 during the Great Recession. Cross border flows accounted for 8.5% of the $416.7 billion in U.S. commercial real estate acquisitions in 2020 (8.6% in 2019). Cross-border flows declined from all regions: Asia (-3%), Canada (-10%), Europe (-40%), Middle East (-62%), and from the rest of the world (-78%). 13 NATIONAL ASSOCIATION of REALTORS® 0.0% 5.0% 10.0% 15.0% 20.0% $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 01Q1 03Q1 05Q1 07Q1 09Q1 11Q1 13Q1 15Q1 17Q1 19Q1 Billions 4-Quarter Cross Border Flow for the Acquisition of U.S. Commercial Real Estate 4-Qtr Cross Border Flows % to total transactions Europe 26.6% Middle East 8.8% Canada 34.5% Asia 28.1% Rest of World 2.0% Origin of Cross Border Flows in 2020 Source of data: Real Capital Analytics CROSS-BORDER FINANCIAL FLOWS IN THE LARGE COMMERCIAL REAL ESTATE MARKET IN 2020 $9.4 $3.1 $12.2 $10.0 $0.7 $0 $10 $20 $30 $40 $50 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 Billions Origin of 4-Quarter Cross Border Flows for the Acquisition of U.S. Commercial Real Estate Europe Middle East Canada Asia Rest of World
  • 14. While cross-border inflows fell, investors did not also pull out their existing investments which led to a net investment of $13.5 billion in 2020, a reversal of the $10.9 billion of net divestment in 2019. In short, the United States became a global investment haven as global economic output contracted. Canada and Asia are largest sources of capital Canada remained as the U.S. top investor (#1 in 2019), acquiring $12.4 billion of commercial real estate in the United States in 2020. South Korea was the second largest investor, acquiring $5.2 billion of commercial real estate (#4 in 2019). Germany was the third largest, with $4.0 billion in commercial real estate acquisitions (#2 in 2019). Oher countries, each with more than $1 billion in acquisitions, were Singapore (#7 in 2019), the United Kingdom (#11 in 2019), Switzerland (#3 in 2019), and Japan (#8 in 2019). South Korea, Singapore, France, and Kuwait, and Sweden were the only countries that had an increase in cross-border flows in 2020 compared to 2019, with the largest increase in inflows from South Korea. 14 NATIONAL ASSOCIATION of REALTORS® $13.8 $12.36 $5.24 $4.02 $2.69 $1.69 $1.52 $1.07 $0.88 $0.84 $0.76 $0.69 $0.64 $0.38 $0.33 $0.30 $0.25 $0.22 $0.15 $0.13 $0.13 Canada South Korea Germany Singapore United Kingdom Switzerland Japan Israel France Bahrain Kuwait China Turkey Saudi Arabia Sweden United Arab Emirates Netherlands Mexico Australia Qatar Top Countries Investing in U.S. Commercial Real Estate in 2020 (in billion dollars) 2019 2020 Source of data: Real Capital Analytics CROSS-BORDER FINANCIAL FLOWS IN THE LARGE COMMERCIAL REAL ESTATE MARKET IN 2020 -$10.9 $13.5 ($20.0) ($10.0) $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Billions Net Investment by Region in Billion Dollars
  • 15. Rising Acquisitions in Secondary Markets Manhattan remained the top recipient of cross-border commercial capital, with investors pouring in $3.9 billion of capital, or 11% of total U.S. inflow. Other markets where foreign investors invested at least $1 billion in commercial real estate were Seattle (#2 in 2019), San Francisco (#4 in 2019), Dallas (#5 in 2019), Atlanta (#7 in 2019), Los Angeles (#2 in 2019), and Chicago (#6 in 2019). The share of cross-border capital of the six major markets (New York, Chicago, Boston, Washington DC, Los Angeles, and San Francisco) declined to 39% in 2020 (46% in 2019). As investors moved a away from primary cities, capital moved into secondary or tertiary markets like the Inland Empire, Sacramento, San Diego, and East Bay, and Indianapolis. These metro areas made it to the top 25 markets with the largest cross-borders capital inflow in 2020. 15 NATIONAL ASSOCIATION of REALTORS® $8.0 $0.4 $0.4 $0.5 $0.5 $0.5 $0.6 $0.6 $0.6 $0.6 $0.6 $0.6 $0.7 $0.8 $0.8 $0.9 $0.9 $0.9 $1.1 $1.2 $1.5 $1.6 $1.7 $2.6 $3.9 Houston Indianapolis East Bay Miami/Dade Co DC VA burbs DC MD burbs San Diego DC San Jose Philadelphia NYC Boroughs Austin Sacramento Inland Empire Phoenix Boston Denver Chicago Los Angeles Atlanta Dallas San Francisco Seattle Manhattan Cross Border Flows in U.S. Commercial Real Estate in Top Markets in Billion Dollars 2020 2019 39% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 01Q1 02Q1 03Q1 04Q1 05Q1 06Q1 07Q1 08Q1 09Q1 10Q1 11Q1 12Q1 13Q1 14Q1 15Q1 16Q1 17Q1 18Q1 19Q1 20Q1 Share of Six Major Markets* to Total Cross- Border Capital Flows *Real Capital Analytics identifies the six major markets as NYC Metro, Boston Metro, Chicago Metro, DC Metro, San Francisco Metro, and Los Angeles Metro. Source of data: Real Capital Analytics CROSS-BORDER FINANCIAL FLOWS IN THE LARGE COMMERCIAL REAL ESTATE MARKET IN 2020
  • 16. Cross-border acquisitions shifts towards industrial and multifamily assets Cross-border acquisitions declined across all property types, except for industrial acquisitions which increased by 62%, to $10.8 billion ($6.7 billion in 2019). Acquisitions of industrial property accounted for 31% of cross-border capital flows, followed by multifamily, at 27%, and office buildings located in central business districts, at 20%. Acquisitions of retail property has sharply declined since 2018 when acquisitions peaked to $29.2 billion in 2018 or 31% of cross-border flows. Conversely, during this same period, the share of industrial acquisitions to total cross-border flows rose from 17% to 30%. 16 NATIONAL ASSOCIATION of REALTORS® $7.1 $3.5 $9.5 $1.4 $10.8 $1.8 $1.1 $0.2 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 Billions 4-Quarter Acquisitions of Cross-Border Capital by Property Type in Billion Dollars Office CBD Office Suburban Multifamily Retail Industrial Hotel Development Site Seniors Housing & Care Office CBD 20.0% Office Suburban 9.9% Multifamily 26.9% Retail 4.1% Industrial 30.5% Hotel 4.9% Development Site 3.2% Seniors Housing & Care 0.5% Commercial Property Acquisitions of Foreign Investors in 2020 Source of data: Real Capital Analytics CROSS-BORDER FINANCIAL FLOWS IN THE LARGE COMMERCIAL REAL ESTATE MARKET IN 2020
  • 17. Institutional Investors Were Major Sources of Cross-border Capital Of the $35.5. billion in cross-border capital, 72% came from institutional investors (e.g. pension funds, banks, wealth funds), 15% from private investors (e.g., high net worth individuals or developers), and 11% from publicly listed companies (e.g. REITS). Users of the property (corporate, government, non-profit, educational, church, etc.) accounted for 2% cross-border capital inflow. Cross-border acquisitions had lower cap rates than the total market acquisitions, given that the bulk of investors are institutional investors which tend to invest heavily in safer assets to protect the capital of their own investors. 17 NATIONAL ASSOCIATION of REALTORS® 5.1% 6.1% 5.2% 6.5% 5.0% 8.2% 5.6% 6.8% 6.1% 6.6% 5.1% 8.8% Office - CBD Office - Sub Industrial Retail Apartment Hotel Cap Rates in 2020 for Commercial Property Acquisitions of $2.5 Million or Greater Cross-Border Total Market Institutional, $25,416,462,944, 72% Private, $5,437,115 ,712, 15% Public, $3,959,556,608, 11% User/Other, $641,903,412, 2% Acquisitions by Capital Group $197 $49 $31 $27 $48 $57 $64 $16 $14 $8 $21 $12 Office - CBD Office - Sub Industrial Retail Apartment Hotel Deal Size in Million Dollars Cross-Border Total Market Source of data: Real Capital Analytics CROSS-BORDER FINANCIAL FLOWS IN THE LARGE COMMERCIAL REAL ESTATE MARKET IN 2020
  • 18. ©2021 National Association of REALTORS® All Rights Reserved. May not be reprinted in whole or in part without permission of the National Association of REALTORS®. For question about this report or reprint information, contact data@nar.realtor. COMMERCIAL REAL ESTATE INTERNATIONAL BUSINESS TRENDS 2021 RESEARCH AND ANALYSIS LAWRENCE YUN, PhD Chief Economist & Senior Vice President for Research GAY CORORATON Senior Economist & Director of Housing and Commercial Research MEREDITH DUNN Research Manager ANNA SCHNERRE Research Associate, Business Insights
  • 19. NATIONAL ASSOCIATION OF REALTORS® The National Association of REALTORS® is America’s largest trade association, representing over 1.3 million members, including NAR’s institutes, societies and councils, involved in all aspects of the real estate industry. NAR membership includes brokers, salespeople, property managers, appraisers, counselors and others engaged in both residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. Working for America's property owners, the National Association provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property. NATIONAL ASSOCIATION OF REALTORS® RESEARCH GROUP The Mission of the NATIONAL ASSOCIATION OF REALTORS® Research Group is to produce timely, data-driven market analysis and authoritative business intelligence to serve members, and inform consumers, policymakers and the media in a professional and accessible manner. To find out about other products from NAR Research, visit: www.nar.realtor/research-and-statistics. 500 New Jersey Avenue, NW Washington, DC 20001 202.383.1000 data@realtors.org 19