AFIRE, the association for international real estate investors focused on commercial property in the United States, has released its AFIRE International Investor Survey Fall 2023 Pulse Report, underwritten by Holland Partner Group.

The survey, conducted in late summer 2023, captures the view of global institutional investors on a range of topics, including a large majority forecasting a decline in office values; a large uptick in office conversions over the next five years (to residential and other purposes); and the notable impact of rising or limited insurance premia affecting investment decisions into certain US regions.

“This AFIRE Survey Pulse captures institutional investor sentiment from around the world toward the US market in late 2023,” said Gunnar Branson, CEO of AFIRE. “While significant uncertainties persist, institutional investors, who benefit from a long-term horizon, see opportunity to realign their portfolios to meet the shift in asset class demands, in particular towards the continued need for a greater volume of residential properties in US cities.”



  • 90% of institutional investors forecast converting many US office assets to residential and other uses in the next five years
  • Office asset conversion trend expected to include residential, hospitality, and potentially vertical farming
  • One-third of existing US office portfolio needs upgrading to meet future occupancy expectations
  • 82% of investors report rising insurance premia and/or limitations on insurance availability may prevent them from investing in certain US regions
  • 80% of investors believe taking action to meet DEI requirements will deliver a significant ROI

Download the Full Report from the AFIRE Website