Foreign investors bank on Houston as hot commercial real estate market
Houston is in the middle of a real estate that is “Bonanza Buying”. A new report now shows that the city of bayou is not a problem with commercial real estate either.
In a recent survey by AFIRE, a real estate investor industry group, Houston was ranked 14th on the list of cities favored by overseas real estate investors. Last year Houston was ranked 12th.
In other parts of Texas, foreign real estate investors preferred Austin over any other US city for buying real estate in 2021. Boston came in second and Dallas in third. San Antonio bound for # 15.
In this year’s survey, foreign real estate investors chose apartment buildings as their preferred property type, with warehouses coming in second.
Mike McDonald, vice chairman of commercial real estate services company Cushman & Wakefield, recently told the New York Times that Austin was “the hottest market in the country right now.”
“Commercial transactions are projected to increase in the second half of 2021 and 2022 as more people are vaccinated, more businesses operate at higher capacity, personal leisure and business travel increase, and consumer spending increases,” noted the National Association of Realtors in a first quarter report on the Austin commercial real estate market.
Speaking of the capital, this is the first time in the 30-year history of the AFIRE poll that a city as small as Austin has topped the list or even made it to the top three. 23 percent of respondents ranked first in Austin, and 33 percent ranked first, second, or third in Austin.