Foreign capital has long been a major force in U.S. real estate, but in 2025, the tide is turning. While 71% of domestic investors are still sitting tight this quarter, global capital is shifting — and in many cases, it’s moving away from the U.S. altogether.

Just last week, German property lender Deutsche Pfandbriefbank announced it’s exiting the U.S. entirely, planning to sell or wind down its $4.6B loan book. Its CEO called the current U.S. economic climate “poison” for long-term investment, citing political volatility and inflation risk as key drivers behind the retreat.

Meanwhile, global investors are recalibrating their portfolios: Norway’s $1.6T sovereign wealth fund is putting money into U.S. logistics and London real estate, while foreign central banks are steadily divesting U.S. Treasuries — they are at their lowest levels since 2017.

This episode connects the dots on what global capital is doing now, what it’s avoiding and why it’s increasingly wary of American real estate. If you’re trying to read the market — whether to sell, hold or hunt for opportunity — this is the episode to tune into.

Audience questions are welcome and will be fielded by our producer during the livestream. Can’t attend live? Register anyway — the recording will be available within 24 hours. To watch or listen to past episodes, click here.

Interested in speaking? Contact Director of Global Production Elizabeth Baker at liz.baker@bisnow.com.