New York Tri-State Real Estate Investment Volume Falls Over 40% in 2023

‒Total New York Tri-State commercial real estate investment volume of $7.5 billion in Q4 2023  brought the 2023 total to $33.2 billion. 

‒Multifamily led all sectors for investment volume in 2023 ($9.9 billion) followed by office ($7.4 billion) and retail ($6.2 billion).

‒Manhattan led the region for investment volume in 2023 ($12.7 billion), down 42% year-over-year, followed by New Jersey ($8.5 billion), where investment also fell by 42% year-over-year.

‒Private buyers accounted for over half of 2023 investment volume ($17.7 billion), down 50% from the volume seen in 2022. 

‒Cross-border investment in the Tri-State region rose by 15% year-over-year to $4.9 billion in 2023.

‒New York Tri-State was the leading market for investment volume in 2023, followed by Los Angeles ($30 billion) and Dallas ($18 billion).