WASHINGTON, DC–The Washington DC area market has closed $5.9 billion in multifamily investment sales so far this year and has another $4 billion under contract. That compares with the $6.5 billion in multifamily sales that closed for all of 2016. Meanwhile other markets are down flat or 10%. “We are above all markets — and foreign investment is a big part of that,” Bill Roohan, vice chairman with CBRE tells GlobeSt.com.
Roohan's wheelhouse is the multi-housing space, but this is a trend manifesting in many asset classes. Now, CBRE reports that Washington DC's commercial real estate sector is the third top city in the world to receive Middle Eastern investment.
The area received $469 million in investment from Middle Eastern countries in the year to Q2 2017, following New York at $820 million and London at $1.68 billion. The US is the top country destination for Middle Eastern investment volume, according to CBRE, reaching $3.9 billion for that time period.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
