AFIRE International Investor Survey: Q1 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: Q1 2023 Pulse Report, underwritten by Holland Partner Group. The survey, conducted in early 2023, captures the view of institutional investors, who continue to see the US as a preferred destination relative to Europe for real estate investment across property types, led by multifamily and industrial.

“This AFIRE Survey Pulse captures institutional investor sentiment at a moment in time; early 2023,” said Gunnar Branson, CEO of AFIRE. “While continued rising interest rates, and the future of office are identified as areas of concern at this time, investors long-term horizon enables them to balance these against opportunities, in particular the relative strength of the US real estate market as a preferred global destination for investment capital.”

The report, published each year over more than three decades, provides a survey of AFIRE’s nearly 175 member organizations from 25 countries with approximately $3 trillion AUM, and serves as a timely and trusted indicator of global investor sentiment towards US real estate.


  • US market shows stability as preferred global destination for investment with allocations up 6% from 2022, relative to a 5% decline in European investment
  • Multifamily and industrial lead preferred property types, with office as leading concern for investors
  • New York returns to number one spot for preferred investment among US cities, up from fifth in 2022; London remains top among global cities 
  • 97% of investors agree that continued interest rate rises weigh on access to capital, limiting reasonable financing and impeding transactions
  • Hospitality rises as an attractive property type for investment among 43% of investors
  • 86% of CRE investors believe that climate risks are not yet reflected in valuations



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 Partner Group (HPG) based in Vancouver, Washington, is a fully integrated real estate investment company. HPG principals’ development and acquisition volume exceeds $15 billion, representing 50,000 apartment homes located in the Western United States’ most sought after markets. Our company accomplishes our investment objectives in strategic alignment with our capital partners through our five integrated operating companies, including development, construction, acquisition, redevelopment, and property management. Our vertically integrated focus has developed the real estate industry’s most consistent and reliable delivery platforms. Our combined business volume is expected to exceed $2 billion annually through our 750-member team. 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 March 2023; 2023 AFIRE International Investor Survey 2023 Pulse, 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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