According to a new survey from the Association of Foreign Investors, Las Vegas ties for 11th place. The report ranks member’s top cities for the United States and global investment. The top spot was Washington D.C. Other cities to make it into the top five were New York, San Francisco, Los Angeles and Houston. Las Vegas tied with Phoenix, Orlando, Austin, San Diego, San Jose and Atlanta.

The survey was conducted in the fourth quarter of 2008, polling the association’s members. Members of the association collectively hold approximately $371 billion in real estate in US and roughly $1 trillion in total.

Commercial leasing is down, except in the Downtown and Westside office markets according to fourth quarter market reports. Each market posted a vacancy rate in the 11% range, which compares to a market-wide average of 17.24%, according to the latest data from CB Richard Ellis. Markets with the highest vacancy rates are in the Northwest and Southwest sub-markets. Vacancy rates there have topped 25%. However, the long term forecast is considered good due to the lack of new office space being completed. Many projects have stalled or been scrapped due to the current excess of leasing space. Commercial space under construction also dropped in the forth quarter of 2008, with just over two million square feet of construction. While this is bad news for commercial property owners, business owners looking for space will see decreased rents. Prices for commercial properties have also decreased as a result, adding to the overall attractiveness of the Las Vegas real estate market to foreign investors.