Commercial real estate investors have a growing appetite for risk in 2021 and that could mean a shift away from pricey coastal markets, including Boston.

CBRE’s investor intentions survey said big investors are favoring secondary markets over primary markets for the first time in seven years. Sunbelt markets like Austin, Texas are leading the way.

Boston dropped from fourth in 2020 to 13th in the ranking of preferred metros for investment.

“Investors in the Americas appear more aggressive and will accept more risk to achieve higher returns. This is likely due to a stable economic environment, supported by government stimulus, and the belief that available capital will remain abundant for the foreseeable future, as well as intense competition among investors,“ Chris Ludeman, global president of capital markets for CBRE, said in a statement. 

The survey, taken between Dec. 9 and Feb. 2, encompassed nearly 150 U.S.-based investors with more than $50 billion under management.

Life science, including medical office, was ranked as the single most sought-after single-asset acquisition target. Investors expect a modest decrease in office demand, with a majority predicting a decline of under 10 percent in the next three years.

Investors predict the most aggressive pricing for logistics and multifamily properties, with other categories trading for discounts. Hotels are a primary target for 11 percent of respondents, a record high in the seven years the survey has been conducted.

“Investors are waiting for more distressed sales of hotels that are closed, priced under current value or seriously delinquent on their debt obligations,” the report stated.