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New York Tri-State Real Estate Investment Volume Falls by 42% Year-Over-Year

August 9, 2023 9 Minute Read

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·       Total New York Tri-State commercial real estate investment volume of $8.3 billion in Q2 2023  brought the trailing four-quarter total to $37.6 billion. 

·       Investment ticked upwards in Q2 2023 after falling for five consecutive quarters, thanks to a small number of high-profile office transactions.

·       Office led all sectors for investment volume in Q2 ($3.1 billion) followed by multifamily ($2.3 billion).

·       Manhattan led the region for investment volume in Q2 2023 ($3.6 billion), contracting 25% year-over-year, followed by New Jersey ($2.4 billion), where investment fell by 31% year-over-year.

·       Private buyers accounted for two-thirds of Q2 investment volume ($5.4 billion), down 45% from the volume seen in Q2 2022.

·       Cross-border investment in the Tri-State region rose by 21% year-over-year to $1.7 billion in Q2 2023 on the back of separate Manhattan office building acquisitions by Japanese and Canadian investors.

·       On a trailing four-quarter basis, New York Tri-State has the second highest investment volume in the country after Los Angeles ($43 billion).

·       For more CBRE capital markets insights, view the U.S. CBRE Capital Markets Report | Q2 2023.