The Japanese Are Still Unloading U.S. Real Estate

America's commercial real estate market is finally showing signs of strength. But Japanese investors, who anted up $75 billion for U.S. commercial real estate in the late 1980s, are in a selling mood. In a recent poll of big Japanese investors by accounting firm Kenneth Leventhal & Co., about two-thirds of respondents said they intended to sell some of their U.S. property this year. The firm expects to see $3 billion to $5 billion in Japanese sales this year, up from $2.6 billion in 1993, with office buildings and hotels first on the block.

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