There is a lot to celebrate this year. After a stagnant 2020, investor activity has rapidly rebounded this year to record-breaking levels. In the third quarter, transaction volume hit a new record of $205 billion, but it wasn’t a fluke. Tallying up the first three quarter of the year, transaction volume has exceeded the previous high by a fair margin, Doug Prickett, senior managing director of research and investment analytics at Transwestern, shared during a virtual Talk on Economic Indicators and the Impact on CRE earlier this month.

Transaction volumes were last this high the first three months of the year in 2007, illustrating the recovery. While investors are back in the market, there has been a notable shift in asset preference. Multifamily and industrial are the favored asset classes, pushing out office, the historical favorite. “Historically, office has been the favorite asset class, looking back to 2001-2005. Now it is clearly apartments followed by industrial,” says Prickett. Apartment transaction volumes have increased 43% over the last two years, while industrial is up 15% from 2019 volumes. Office and retail are both in the red compared to 2019, down 14% and 1% respectively. This isn’t necessarily pandemic related, Office and retail have been trading in the same band since 2015.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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