随着世界飙升美国房地产，泡沫恐惧超越？

At home, Canadian real estate investor Armin Martens faces a soft economy and a declining currency. But when he looks south of the border, the president and CEO of Winnipeg, Manitoba–based Artis Real Estate Investment Trust sees a commercial property market teeming with opportunity.

“美国不仅仅是世界上最大的经济体;这不仅仅是世界上最大的房地产市场;这也是最好的表现，“Martens表示，其公司拥有54亿美元（40.7亿美元）的物业在那里和加拿大。“今天在美国的前景非常好。”

公开交易U.S. real estate investment trustsgenerated profits of $13.4 billion in the third quarter of 2015, up 13.1 percent from $11.8 billion during the same period in 2014, according to the Washington-based National Association of Real Estate Investment Trusts.

Artis is one of many international investors buying into the country’s hot real estate market, a trend that has prompted whispers of frothy conditions.

根据真实的资本分析，外国投资者在2015年前十个月的美国房地产上花了846亿美元。纽约研究公司高级副总裁Jim Costello表示，这项投资于2007年举办的前一纪录。

截至2014年，美国商业房地产投资的14％的美国商业房地产投资的14％在洛杉矶的商业房地产经纪人的商业房地产经纪人报告。

“The world loves the U.S., and they’re continuing to put money into this market,” says Jeanette Rice, Dallas-based head of investment research for the Americas at CBRE. “The U.S. is fairly stable. We have our economic ups and downs, but overall the economic cycles are somewhat predictable.”

在最近的一项施法之后，中东主权财富基金卡塔尔投资机构从布鲁克菲尔德的Brookfield资产管理部门的Brookfield Property Partners购买了44％的纽约曼哈顿西部发展。

This past summer Spanish billionaire Amancio Ortega, head of fashion brand Zara, ponied up $370 million through his real estate investment arm for a block of Miami Beach’s Lincoln Road, the second-largest deal in Miami-Dade County history. In March, Ortega’s company paid $176 million for the former Esquire Theater in Chicago.

Last year Beijing-based Anbang Insurance Group Co. paid $1.95 billion for the Waldorf Astoria New York hotel in Manhattan. Since Chinese insurance regulators allowed carriers to move investments outside the country, Chinese insurers have emerged as active buyers, Costello explains.

Even after a flurry of activity, Chinese managers must keep diversifying their portfolios. “They’re horribly overweighted to China right now, so I think that outflow will continue,” Costello says.

Some worry about an influx of Chinese money. “The Chinese savings glut has fully disrupted global financial markets,” says Morris Davis, academic director of the Center for Real Estate at Rutgers Business School in Newark, New Jersey. “I have no idea how this ends, but these things typically don’t end well.” In 1989, Japan’s Mitsubishi Estate Co. bought 80 percent of New York’s Rockefeller Center, only to jettison its $2 billion stake in the mid-1990s when the landmark building filed for bankruptcy.

But Costello says there’s so much international capital chasing U.S. real estate that the financial fate of any one nation poses no real threat. “If Chinese buyers were to disappear, I don’t think prices would collapse,” he contends. “There are plenty of domestic buyers right behind them hungry for the same yield opportunities.”

虽然来自异国情调的地狱的现金抓住头条新闻，但怀疑论者可能更担心加拿大投资者，到目前为止是最活跃的买家。Canucks在2015年前十个月的美国房地产上花了236亿美元，其次是来自新加坡的148亿美元，从挪威93亿美元，来自中国的64亿美元，真实的资本分析报告。

Artis’s Martens says that 28 percent of the landlord’s assets are invested stateside, a proportion that it expects to hit 35 percent by the end of 2016. With falling petroleum prices hurting Canada’s oil-sensitive economy and property market, collecting rents in U.S. dollars provides a hedge, he adds.

The Canadian dollar has weakened along with oil — as of late November it was trading at about 75 cents U.S. — and Artis has benefited from the favorable exchange rate. Although Martens says the faltering loonie “gives cause for pause,” his REIT is sticking with its strategy.

Tellingly, Artis isn’t focusing on New York and San Francisco, the first stops for deep-pocketed foreign investors. It’s targeting Arizona, Colorado, Minnesota and Texas.

在纽约的房地产数据公司REIS研究总监Ryan Severino ryan Severino表示，中学美国市场向投资者呼吁投资者。一个发现伦敦价格的投资者看不到利物浦或曼彻斯特，而是外国球员在美国购物的外国球员对转向亚特兰大或西雅图以获得更便宜的替代品。

此外，二级市场可以提供更好的资本化率 - 物业的年收入除以其购买价格 - 这降至价值观上升。“因为我们有更多的土地和建筑物可供出售，美国的CAP汇率高于世界其他地区，”Severino说。

最新的外国投资浪潮导致在美国作为经济超级大国的美国人的位置。在日本投资者在四分之一世纪以前抓住洛克菲尔中心和加州的卵石海滩后，随着国家的灵魂搜索，这与国家的灵魂搜索鲜明对比。

“回想起来似乎愚蠢，”Cbre的米饭说。“现在我们在一个全球化的世界中，我们与其他市场相连。”

Still, Costello notes that there remains one area of geopolitical sensitivity: Middle Eastern investors take pains to disguise their purchases of U.S. properties.