AFIRE International Investor Survey: Q1 2024 Pulse Report

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, providing a snapshot of what global real estate investors are thinking right now for cross-border investment. Based on the diversity of ideas presented in this report, 2024 will be a major year of change—not only for the real estate industry, but for the world, as inflationary pressures continue to stress many consumers, roiling wars push on anxious borders, and investors look for increasingly creative ideas to capture alpha.

This survey was conducted in January 2024 by the AFIRE team and broader Research Committee. And new for this report, AFIRE has partnered with Ferguson Partners, a global professional services firm specializing in executive and board recruitment, to capture the direct insights of several AFIRE members.

  • Los Angeles, Washington, DC, Seattle, Dallas, and New York are the top US cities for investment in 2024
  • 60% believe the pandemic has permanently altered culture and live-work preferences.
  • 57% say housing affordability is the most important real estate issue in the next five years.
  • 84% signal growth potential in US real estate, outpacing all other regions by more than 30%.
  • 58% cite zoning, regulations, and costs as the biggest barriers to housing affordability.


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


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

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