AFIRE International Investor Survey: Fall 2023 Pulse Report

AFIRE, the association for international real estate investors focused on commercial property in the United States, has released its AFIRE International Investor Survey Fall 2023 Pulse Report, underwritten by Holland Partner Group.

The survey, conducted in late summer 2023, captures the view of global institutional investors on a range of topics, including a large majority forecasting a decline in office values; a large uptick in office conversions over the next five years (to residential and other purposes); and the notable impact of rising or limited insurance premia affecting investment decisions into certain US regions.

“This AFIRE Survey Pulse captures institutional investor sentiment from around the world toward the US market in late 2023,” said Gunnar Branson, CEO of AFIRE. “While significant uncertainties persist, institutional investors, who benefit from a long-term horizon, see opportunity to realign their portfolios to meet the shift in asset class demands, in particular towards the continued need for a greater volume of residential properties in US cities.”


  • 90% of institutional investors forecast converting many US office assets to residential and other uses in the next five years
  • Office asset conversion trend expected to include residential, hospitality, and potentially vertical farming
  • One-third of existing US office portfolio needs upgrading to meet future occupancy expectations
  • 82% of investors report rising insurance premia and/or limitations on insurance availability may prevent them from investing in certain US regions
  • 80% of investors believe taking action to meet DEI requirements will deliver a significant ROI



AFIRE is the association for international real estate investors focused on commercial property in the United States. Headquartered in Washington, DC, AFIRE was established in 1988 to provide an essential forum for real estate investment thought leadership. AFIRE membership is exclusive, granted by invitation only, and currently includes nearly 175 organizations from around the world representing institutional investors, investment managers, and service providers with approximately US$3 trillion in assets under management. Learn more at


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-plusmember 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


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.

Reprints and/or redesigns are permitted, with the following source attribution in all instances: “Source: As of September 2023; AFIRE International Investor Survey Pulse Report, underwritten by Holland Partner Group;”

Please contact Benjamin van Loon, Senior Communications Director,, for hi-res graphics, data sets, reprints, and other uses.

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