The AFIRE Podcast
Asian Capital & US Commercial Real Estate: Latest Trends
Japanese investors now own about 6% of the US home-construction market, according to the Wall Street Journal,, and Japan-linked investors have purchased at least $2.1B worth of NYC real estate since 2024. What’s clear is that amidst geopolitical volatility and shifting global economic dynamics, cross-border capital flows are changing. Cross-border real estate investment into the United States from Europe and Canada is slowing, while Asian capital activity—particularly from Japan—is increasing. So what does that mean for other investors in US commercial real estate? In this episode of the AFIRE Podcast, host Gunnar Branson checks in with two experts on Asian capital from Cushman & Wakefield: Gordon Marsden, the firm’s head of global capital, APAC & EMEA, and Marc Royer, the firm’s managing director, global capital advisory. Together, they explore the key drivers behind Asian capital deployment in US property markets. They discuss some of the attributes that differentiate Japanese investment strategies relative to those of other countries. And they describe how Japanese investors navigate currency volatility and structural changes, as well as the evolving sophistication of Asia-Pacific institutional investors. LINKS Japan Is Placing a Multibillion-Dollar Bet on the U.S. Housing Market: Wall Street Journal https://www.wsj.com/real-estate/japan-is-placing-a-multibillion-dollar-bet-on-the-u-s-housing-market-2ced2a01 Why Japanese Capital Is Moving Into U.S. Real Estate Markets: America Mortgages https://www.americamortgages.com/japanese-moving-into-us-real-estate/ Japanese investors rush to buy NYC multifamily: The Real Deal https://therealdeal.com/new-york/2026/04/29/japanese-buyers-become-driving-force-of-nyc-multifamily/ To hear the globe’s top experts discuss opportunities in US property markets, register for future AFIRE conferences: https://www.afire.org/events/ KEY MOMENTS 00:00 Introduction 01:09 Japanese Capital in US Markets 03:45 Evolving Investment Models 05:35 Structural Capital Origins 07:32 Demographics and Diversification 08:35 Knowledge Acquisition Strategies 09:19 Managing Currency Volatility 13:08 Long-Term Portfolio Allocation 14:55 Relationship-Driven Investing 18:00 Regional Investor Sophistication 21:02 Asia-Pacific Regional Investment Trends 24:48 Shared Market Lessons 27:12 Common Investor Misconceptions 30:23 Regional Infrastructure Demand 33:02 Future Outlook DISCLAIMER The publisher of the AFIRE Podcast is not engaged in providing tax, accounting, or legal advice through this publication. No content published in the AFIRE Podcast is to be construed as a recommendation to buy or sell any asset. Some information included in the AFIRE Podcast has been obtained from third-party sources considered to be reliable, though the publisher is not responsible for guaranteeing the accuracy of third-party information. The opinions expressed in the AFIRE Podcast are those of its respective contributors and sources and do not necessarily reflect those of the publisher.
