New York Extends Lead Over London, Tokyo in Commercial Property Investment

New York extended its lead over London as the top destination for commercial real-estate investment as the U.S. economy revived and Europe’s debt crisis discouraged some buying in the region, property broker Cushman & Wakefield Inc. said today in a report.

Investment for commercial properties rose to $35.7 billion in New York last year, including multifamily buildings, making it the largest target for buyers at a city level, the broker said. That compares with $29.2 billion in London and $22.6 billion for Tokyo.

Commercial investment globally rose 14 percent in 2011 to $727 billion, or $808 billion including multifamily properties, Cushman & Wakefield said, with volumes up 83 percent from 2009. New York overtook London as the No. 1 destination for real- estate investment in the twelve months through August for the first time since 2007 as improved access to financing spurred deals. At the time, New York led London by $2.5 billion.

“There was a flight to quality in the Americas,” said Greg Vorwaller, global head of capital markets for Cushman & Wakefield. Investors focused “on best-in-class assets in flagship markets” including New York, Washington, San Francisco, Boston, Los Angeles and Chicago, he said.

To contact the reporter on this story: Christine Harvey in New York at

To contact the editor responsible for this story: Rob Urban at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.