Figures

Investment Volume Continued to Fall in Q4

U.S. Capital Markets | Q4 2023

February 7, 2024 2 Minute Read

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Executive Summary

  • U.S. commercial real estate investment volume fell by 44% year-over-year in Q4 2023 to $81 billion. For the year, volume fell by 52% to $348 billion—the lowest annual total since 2012.
  • Multifamily led all sectors in Q4 investment volume ($26 billion), followed by industrial & logistics with $19 billion and office with $14 billion.
  • New York led all markets for annual investment volume with $33 billion, followed by Los Angeles with $30 billion.
  • Private investors accounted for $51 billion or 63% of Q4 investment volume. Private and cross-border investors were net buyers in Q4, while institutional and REIT investors were net sellers.
  • Inbound cross-border investment decreased by 30% year-over-year in Q4 to $4.7 billion.