New York the largest commercial real estate market in the world

A recent study declared New York the largest commercial real estate market in the world.

According to a recent report from Cushman & Wakefield, the world's largest privately held commercial real estate firm, New York remains the most substantial real estate investment market on the planet.

New York is the largest market for the third straight year with volumes climbing nearly 40 percent to $49.2 billion through the last four quarters. The city pulled in the most commercial property, topping London, which totaled a volume of $32.3 billion after a six percent increase.

Los Angeles, with the fastest growth of any of the top 25 cities, outraced Tokyo ($25.9 billion) to finish third in the rankings with a $30.7 billion investment total. San Francisco finished fourth at $21.7 billion.

"Most indicators suggest property demand will both increase and broaden to embrace new markets and a higher share of investment will be cross-border as investors increase their risk tolerance," said Carlo Barel di Sant'Albano, executive chairman at Cushman & Wakefield.

New York pulled in the most commercial property investments during the last year, according to Cushman & Wakefield's annual Winning in Growth Cities. The global real estate investment market had volumes climb by 16.7 percent to $649 billion over that time.

"Assuming the U.S. recovery continues to gain traction helping confidence and growth across all economies, we anticipate that next year will be favorable for much of the market as stimulus measures and recovery spark an appreciation in capital values for good quality space with strong occupier demand," Sant'Albano added.

Changes to the list
The study said little change has struck the top 25 cities from last year, although Beijing and Stockholm dropped with Denver and Frankfurt on the rise.

Some of the biggest climbers included Austin, Milan, Las Vegas, Montreal and Tampa.

The U.S. had 14 of the top 25 fastest-growing markets.

One city that might surprise is Portland, which finished 49th with $2.2 billion in sales volume over the four quarters, which was a 42 percent increase from the year prior.

Portland finished 35th in the world regarding multifamily investment totals at $696 million and 38th for retail investments at $731 million, according to Portland Business Journal.

Nike, which calls Portland its headquarters, concluded an $84.5 million deal for a 600,000 square foot campus adjacent to its Washington County facilities.

Also helping spur the growth was the $129 million sale of ODS tower.

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