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Investors are flocking to secondary and tertiary markets, playing on a trend that’s been picking up steam for the last several decades and lurched into high gear as the pandemic drove activity away from dense urban cores.

A new investor outlook from Marcus & Millichap shows that while transaction activity dropped dramatically in the second quarter of 2020, it gradually recovered and was almost back to normal on a macro level by Q4. But while total CRE deal count was only down 5 to 10% years-over-year, those numbers don’t tell the whole story, according to John Chang, senior vice president of research services at M&M.

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