Commercial real estate is increasingly ending up in the hands of publicly traded firms, which now boast more than $1.6 trillion in real estate holdings.
S&P Global Market Intelligence calculated the $1.6 trillion figure, the highest dollar volume of real estate ownership for that sector in at least a decade, and a 38 percent increase from ten years ago, according to the Wall Street Journal.
A few recent transactions highlight how publicly-traded companies — particularly tech firms — are leading the commercial real estate push. Last week, Google shattered a pandemic record, plunking down $2.1 billion to purchase its St. John’s Terminal office in Hudson Square.
Amazon is also making big purchases across the country. Right before the pandemic shut down the country, Amazon paid $1.1 billion to buy the Lord &…