Top 20 Commercial Property Owners of 2020
- Nov 06, 2020
You can also read our other Top Commercial Property Owners rankings.
|Rank||Company||Total Owned (MSF)||Total Portfolio Value ($MM)||Average Occupancy||Portfolio Diversity||Portfolio Green %|
|1||Nuveen||570.9||$127,047.3||–||O, M, I, R, Ho, X||–|
|2||LaSalle Investment Management||329.6||$51,100.0||92.0%||O, M, I, R, Ho, X||–|
|3||Clarion Partners||242.5||$45,327.0||91.8%||O, M, I, R, Ho, X||–|
|4||Tishman Speyer||61.9||$41,600.||–||O, M||74%|
|5||W. P. Carey Inc.||141.9||$18,000.0||98.9%||O, I, R, X||–|
|7||Hines||86.2||$-||80.0%||O, M, I, R, Ho, X||–|
|8||KBS||18.7||$5,981.8||86.67%||O, M, I||47%|
|9||Diversified Healthcare Trust||12.5||$8,300.0||92.0%||M, He||22%|
|10||Service Properties Trust||30.7||$12,300.0||59.92%||R, Ho||–|
|11||Lincoln Property Co.||23.0||$4,950.0||92.0%||O, M, I, R, He||65%|
|12||Office Properties Income Trust||24.9||$4,400.0||91.7%||O, I||35%|
|13||The Inland Real Estate Group of Cos.||30.3||$6,300.0||93.0%||O, M, I, R, Ho, X||–|
|14||Ashley Capital LLC||28.9||$-||96.0%||O, I||–|
|15||Industrial Logistics Properties Trust||43.8||$2,700.0||25||146||26|
|16||Transwestern Investment Group||19.8||$3,556.8||84.09%||O, M, I, R||7%|
|17||McCraney Property Co.||13.3||$785.0||92.0%||I||43%|
|18||Harbor Group International||5.0||$2,373.4||97.0%||O, M, I, R||10%|
|19||Hunt Cos.||1.8||$-||89.6%||O, M, I, R, Ho, He, X||–|
|20||Related Cos.||14.9||$-||98.6%||O, M, R, Ho||–|
Key: O=Office, M=Multifamily, I=Industrial, R=Retail, H=Hospitality, He=Health care, X=Other
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Diversified Portfolios Lead the Way
It’s been a difficult year for property owners. In addition to the need for heightened safety protocols, rent collections have been a challenge in certain property types and locations. In September, national retailer rent collections increased to 80 percent, according to data from Datex Property Solutions. While this is far better than the 49 percent of retail rents collected in April, the road to recovery will be long. Owners with a national presence and diversification among asset types will likely be in the strongest positions.
Nuveen tops this year’s list of leading commercial property owners, with close to 571 million square feet owned and a total portfolio valued at $127 billion. Combined, the portfolios of the Top 3 owners make up 60 percent of the 1.9 billion square feet owned by the Top 20 companies. While occupancy across assets averaged nearly 92 percent at the end of 2019, this figure has likely shifted downward due to the pandemic.
The Top 3 owners’ portfolios were primarily split between office, industrial and retail assets, with Nuveen’s portfolio consisting of relatively equal shares of each class, while industrial properties made up nearly half of LaSalle Investment Management’s and Clarion Partners’ portfolios. Most of our ranked owners have real estate in several regions across the U.S., and 11 also own properties in other countries.
Our ranking also shows the growing importance of environmental considerations. Among our top commercial owners, a little under half reported that a portion of their portfolios meets green building standards, with Tishman Speyer leading the pack with 74 percent of its properties holding LEED or similar certifications.
The 2020 CPE-MHN Top Owners ranking utilized self-reported data for all firms. The ranking results from a weighted formula based on a variety of factors (only a few of which are specified here), including total square footage owned, owned portfolio value, historic performance and a focused or diversified participation in property sectors. The ranking represents what we feel is a logical balance between firm growth and market share, as well as property diversity.
—Madeline Winship, Senior Research Analyst, Yardi Matrix