New York has one of the most active commercial real estate markets in the world. There are few big businesses that would not like to get a foothold in the Empire State. As one of America’s most populous states and home to fashion, food and financial companies, it is a good market to tap into. It is no wonder then that people from all over the world are buying into the New York market, as well as other cities across the country.
In 2017, Business Insider reported that the commercial real estate market was attracting more and more foreign investors. Foreign buyers made up roughly 43% of the market in 2016. They were particularly invested in property in urban meccas. Most of these investors came from Germany, Asia and Canada. Asia alone represented 16% of investors.
Unfortunately, not every commercial real estate owner or property manager knows how to work with foreign buyers. Transcending cultural and even language barriers may pose difficulties. Forbes recommends starting off with trying to understand the reasons behind their desires for investing. It believes that political or economic instability at home are two of the top reasons investors look to the U.S. to invest. Because of this, it also recommends doing research on the social, political and economic trends of the person’s home country.
That said, it is important not to assume one knows what country or region a potential investor or buyer calls home. An Indian citizen, for instance, may have settled in London for decades. Similarly, an accent that may sound British to an American may actually be South African or even “Kiwi.” If the person does not volunteer this information, do not assume. Note that it may also not be appropriate to ask.