Commercial Real Estate Investment Volume Continues to Fall

U.S. Capital Markets | Q3 2023

October 31, 2023 2 Minute Read

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Executive Summary

  • U.S. commercial real estate investment volume fell by 54% year-over-year in Q3 to $82 billion.
  • Multifamily was the most preferred sector with $29 billion in Q3 volume, followed by industrial & logistics with $20 billion and retail with $15 billion.
  • On a trailing-four-quarter basis, Los Angeles was the top market with $35.2 billion in volume, followed by New York with $34.7 billion.
  • Private investors were net buyers in Q3, while institutional, REIT and cross-border investors were net sellers.
  • Inbound cross-border investment decreased by 55% year-over-year in Q3 to $3.4 billion due to the sustained strength of the U.S. dollar and rising interest rates.