This piece of the US real estate market is an alarm signal

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For the first time in seven years, foreign investors in office buildings and retail space have become net sellers of real estate, according to a new report by Real Capital Analytics, which tracks the sector's evolution .

This follows a strong 2018 year, when the cross-border acquisition of commercial real estate reached almost record levels.

Insiders sell shares similar to 2007

"These investors have always bought assets," wrote Jim Costello, the lead author of the report. "They just sold more than what they bought."

Direct acquisitions totaled $ 21.3 billion in the first half, down more than 40% from the same period last year. Meanwhile, sales reached $ 21.4 billion.

This decline was not attributed to any region, although China slipped to ninth place in the investor rankings. The country, which tightened the rules on capital outflows, is ranked fourth in 2018 and third in 2017.

The report identified the trend as a "yellow warning sign rather than red".

"Not all categories of investors are escaping the United States," Real Capital Analytics said. "On the contrary, the high price offers that these investors are looking for are becoming more difficult."

A significant portion of last year's investment came from Canada, which accounted for 55% of all foreign investment in the sector, the report says. An important factor is the large transactions made by the real estate giant Brookfield Asset Management (BAM).

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