2022 AFIRE International Investor Survey Report: Summer 2022 Pulse

AFIRE, the association for international real estate investors focused on commercial property in the United States, today released its AFIRE International Investor Survey Summer 2022 Pulse, underwritten by CBRE and Holland Partner Group. The survey, conducted in July 2022, reveals investors believe that while significant economic and geopolitical headwinds are present, there is opportunity to leverage this evolving reality to transform energy consumption, further adapt live, work and shop preferences, and to impact priority housing affordability demands.

“Institutional investors have long held the capacity to adapt, and with this AFIRE Survey Pulse we have been able to capture real time insights about the investment landscape and how capital markets are changing,” said Gunnar Branson, CEO of AFIRE. “Inflation, geopolitics, war, and interest rates are investment threats, but institutional investors, who generally have a long-term horizon, are also able to draw opportunities with nearer term impact.” (Click here to read the report summary from Gunnar Branson and Ben van Loon in the latest Summit Journal.)

The report provides a timely update to the first AFIRE International Investor Survey Report released in April 2022. Since this spring, report respondents indicate a less positive view on inflation with expectation that it is here to stay, though in some sectors more than others; 86% of respondents indicated that inflation this year has been worse than expected, echoed by sentiment for changes in interest rates (85% worse than expected), the cost of energy (79%) and materials (68%).



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 afire.org.


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 hollandpartnergroup.com.


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 August 2022; AFIRE 2022 International Investor Survey, underwritten by CBRE and Holland Partner Group; www.afire.org.”

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

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