New York is again the top city for commercial real estate investment, and is now the most sought-after location for foreign investment, displacing London, said a survey from real estate broker Cushman & Wakefield released Tuesday.
During the 12 months ended June 30, the top 25 global cities attracted 53.3% of all global commercial real estate spending, up from 52.7% of worldwide capital in the year-earlier period.
Total worldwide commercial real estate investment was $1.35 trillion in the year ended June 30.Cross-border capital flowed faster into the Americas and Asia than to Europe. Ten of the top 25 cities by foreign investment were in Europe, the Middle East and Africa, nine in North America and six in Asia-Pacific.
London dropped down to the third spot on the list of top destinations for foreign real estate investment behind Los Angeles.
The “Winning in Growth Cities” report is an annual survey of global commercial real estate investment activity, which lists the cities most successful at attracting capital.
This year's top 10 cities for investment, including development, are New York, Los Angeles, London, San Francisco, Paris, Tokyo, Washington, Chicago, Dallas and Boston. London moved down from the second position it held last year to third, while Los Angeles moved up to second from the fourth spot. San Francisco also moved up to the fourth spot from fifth position, while Tokyo moved down three places to sixth position from third. Paris moved to fifth position from sixth. Dallas retained its ninth position, while Boston moved up to 10th position from the 12th spot switching places with Atlanta, which is in the 12th position.