Business angels are far more important in promoting the growth of young knowledge-based entrepreneurial firms than any other private equity financiers (Mason and Harrison 2000; Aernoudt and Erikson 2002, Reynolds et al 2002). The encouragement of business angel investments is therefore a core issue for public policy. One of the key issues in business angel research is why individuals engage in business angel activities. Business angels are known to not only to focus on capital generation, as altruistic motives are important as is the general appreciation of aiding new entrepreneurs (Paul et al 2003). There is also a connection between business angel activity and the generation of local social capital. Business angel networks include successful entrepreneurs that engage in business angel networks for social capital purposes (Reitan and Sˆrheim 2000). These business angels often have a significant holding of local commercial real estate. This study is an in depth study of business angels and the role commercial real estate has on the willingness to become a business angel. The study adds to business angel research and real estate property research the perspective that for some business angel investors the business angel community enhances their possibilities to generate business for their commercial real estate properties. The study will use a combined business angel theory and social capital theory in order to conceptually investigate the connection between commercial real estate and business angel activity.