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D.C. real estate declines, New York again #1

Staff writer |
Washington, D.C. continues to fall from favor among foreign real estate investors according to the 23rd Annual Survey taken among the members of the Association of Foreign Investors in Real Estate (AFIRE).

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This year Washington was at the bottom of the five-city U.S. ranking; it ranked 15th among global cities, down from last year when it was tenth-ranked.

Conversely, New York has returned to its long-held slots as both the #1 global and #1 U.S. city. With the exception of last year, when London nudged it into second place, New York has held the top rank, both globally and among U.S. cities, since 2010.

AFIRE member firms have an estimated $2 trillion or more in real estate assets under management.
AFIRE member firms have an estimated $2 trillion or more in real estate assets under management globally. The survey, was conducted in the fourth quarter of 2014 by the James A. Graaskamp Center for Real Estate, Wisconsin School of Business. "For foreign investors, the allure of Washington, D.C. never fades," said James A. Fetgatter, Chief Executive, AFIRE.

"But unlike other cities which currently have technology and energy drivers, D.C. mostly depends on the U.S. government to keep occupancy in balance; given the current situation, Washington area real estate is the short-term, unintended victim of Federal budget tightening. On a long-term basis, Washington, as the capital city of the free world, remains a very attractive opportunity."

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