Chicago has world-class buildings, stunning architecture and prime real estate developments in progress, and foreign investors—especially from the Middle East—have taken notice. Chicago emerged as a top 15 global target market for Middle Eastern investors, according to a new report from CBRE.
Global real estate investment from Middle Eastern interests topped $10B in the first half of 2016, a complete turnaround from 2009, when the region was at the bottom of the market. The turnaround has been driven largely by sovereign wealth funds, particularly from Qatar and the United Arab Emirates.
Chicago saw $364M in direct real estate investments from Middle Eastern interests between the start of 2015 and June, making The City That Works the 14th most popular market for Middle Eastern investors, and the sixth-hottest US market. The most popular sectors for that money: office, hotels and industrial. Last year, offices and hotels were tied with $8.2B in each sector.
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