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Report: U.S. CRE Q2 Investment Volume Drops by 64%

Commercial real estate investment volume fell for the fourth consecutive quarter, dropping by 64% year over year, according to CBRE’s U.S. Capital Markets | Q2 2023 report. Total investment volume during Q2 2023 stood at $75 billion. The report also noted that trailing four-quarter volume at the end of the quarter stood at $479 billion, a 50% decrease.

Both single-asset and portfolio sales fell by 63% from the year before. Single-asset sales were $58 billion, while portfolio sales were $16 billion. The report noted that private buyers generated a higher sales volume at 63%, generating a total sales volume of $48 billion. Private and cross-border investors became net buyers, while REITs and institutional investors became net sellers.

Breaking the metrics down by sector:

  • Multifamily remained on top in deal volume generation, though down by 71% YoY to $28 billion
  • Industrial and logistics generated $21 billion in deal volume, a 48% decrease from the year before
  • Office investment dropped by 62% to $11 billion
  • Retail stood at $11 billion, representing a 67% YoY decline

Interestingly, cross-border investors liked the industrial sector, spending $1.8 billion. Additionally, “the office sector, buoyed by Japanese investment, had $1.7 billion in cross-border inflows,” representing a YoY increase of 25%. The cross-border multifamily investment came in third at $950 million, while cross-border retail investment generated $278 million.


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