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Green Street: “Broader Macro Conditions” Weigh on CRE Investment Sales

Second-quarter commercial real estate sales transaction volume was down about 50% from the comparable period last year, but flat sequentially, Green Street reported. Year-to-date transaction volumes are now in-line with longer-term averages, although well below last year’s pace.

“Broader macro conditions are not supportive of CRE transactions right now,” said Daniel Ismail, co-head of strategic research at Green Street. “Credit availability has tightened, and that combined with higher interest costs, a persistently wide bid-ask spread, and the lack of forced sellers is limiting deal flow.”

He continued, “The decline remains fairly broad-based, as no markets appear to have avoided material slowdown in transaction activity. The office sector has shown the most pronounced drops – particularly in markets like Houston, New York and Atlanta – relative to estimated market value, while apartments and strip centers stand out with steep year-over-year volume declines. Despite cyclical headwinds, REIT M&A has picked up in Q3 and major deals in office and industrial provide North Stars for values and some glimmers of hope.”


    Inside The Story

    Green Street's Ismail

    About Paul Bubny

    Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

    • ◦Sale/Acquisition
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