International Buyers Return to Office Assets as Cross-Border Volumes Surge
Cross-border investment in commercial property reached $71.8 billion in the first half of 2026, up 56% year-over-year, according to JLL. Asia accounted for $19.3 billion of the total, a fourfold increase, while Europe drew $39.9 billion, up 31%. Singapore led all cities with $8.7 billion in cross-border volume. Overall global commercial property transactions rose just 10% to $604.6 billion in the period, according to MSCI data.
Office properties attracted the bulk of international capital, particularly in major European markets. London and Milan saw especially strong activity from foreign buyers seeking premium office buildings. Fraser Bowen, a director in JLL’s capital markets business, said the office sector re-emerged after a prolonged downturn. Singapore’s dominance reflected both regional demand and the city-state’s status as a gateway for Asia-Pacific investment.
Bowen warned that rising borrowing costs will likely limit deal flow in the second half of the year. Cross-border investment volumes track closely with interest rate movements, he said. The gap between cross-border growth and overall transaction activity suggests international buyers moved faster than domestic players to capitalize on pricing dislocation and currency advantages in the first half.
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