The COVID-19 crisis in 2020 has had a major global impact on business and society; this includes commercial real estate. This has seen the global real estate markets significantly impacted at every level in 2020; this includes capital flows to real estate in the global markets. This has resulted in only $759 B invested in income-producing real estate in 2020. Using the Real Capital Analytics database, this paper examines the real estate capital flows to 32 global markets in 2020, compared against previous years (2019 and 2015-2019). Analyses are also presented at a regional level, major city level and by property type, with specific real estate capital flow pathways, investor levels and major deals examined. The ongoing strategic real estate investor implications are also highlighted.