A recession typically brings weakness to the commercial real estate market in the US: employers stop hiring, shoppers avoid the malls, and warehouses are empty. But although the uncertain economic tone in the US has put a brake on real estate purchases and sales, institutional investors are still enthusiastic about owning property. Many are even trying to buy more.

“The level of interest in real estate has been strong for five years,” says Jamie Shen, senior vice-president at Callan Associates and head of the firm’s real estate consulting effort.