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As attractive commercial real estate deals dry up, investors increasingly turn to debt funds.
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Manulife and Harel Insurance are teaming up to buy $1.2B in U.S. CRE.
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Demand is outpacing supply for apartment and industrial properties, pushing prices up, while office and retail drag overall prices into a slight decline.
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International investors still mark Houston as a risk. However, the energy recovery and diversified economy are making it more attractive than before.
Though they have still bought billions of dollars in real estate this year, foreign investors have been net sellers in the U.S. for the first time since 2012.
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Large CRE investors are reducing their allocation to office, and they are putting more money into sectors such as multifamily, industrial and life sciences.
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Overseas investors are now selling more US property than they are buying.
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Data highlights the extent of the pandemic's impact on CRE
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The sheer amount of capital raised to take advantage of distressed assets is making the market too frothy to be profitable.
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