PHOENIX — International investors ranked Phoenix highly as a market where they plan to increase their real estate exposure in 2021, according to a study by the Association of Foreign Investors in Real Estate.
The survey collected information from more than 100 respondents, which include institutional investors, fund and investment managers, family offices, publicly listed companies, and related services.
Phoenix did not crack the top 10 list for planned real estate investments this year. The list was topped by Austin, Boston and Dallas. However, Phoenix ranked sixth for places where international investors intended to increase their real estate exposure, with 16% of survey respondents saying they would boost their holdings in Phoenix. Austin, Boston and Dallas again topped that ranking. Only 3% of survey respondents said they planned to decrease their holdings in Phoenix.
According to the study, international investors are most interested in buying apartments or industrial properties, both of which were asset classes that continued to perform well during the pandemic, with both sales and leasing. Intent for office and retail investments have each continued to cool.