NEW YORK CITY—US investors still rule the roost when it comes to domestic property acquisitions, but overseas buyers have the momentum. That's the conclusion to be drawn from reports issued by both Real Capital Analytics and DTZ, which chart cross-border investment's effects on volume and on pricing.

“Overall, the composition of buyers so far in 2014 is remarkably similar to 2013 as all capital sectors are very well capitalized,” according to RCA's latest US Capital Trends report. “In this increasingly competitive marketplace, cross-border investors were the only capital sector to grow their market share as their acquisition totals approach record levels. The growing influence of foreign buyers is being felt across all property types and most markets.”

Year-to-date through August, nationwide volume of investment sales of $5 million or more by all classes of buyers has totaled $245.9 billion, according to RCA. Overseas investors have represented less than 15% of that tally at $33.4 billion, but that figure is already on pace to exceed the $38.8 billion that cross-border buyers brought into US commercial property last year. That 12-month tally already was ahead of the levels of foreign investment seen at the cycle's last peak, RCA said in '13.