If anyone wondered if and when the run on commercial real estate sales would top off, the answers are "yes" and "August."

Colliers, working with that month's data from Real Capital Analytics, said, "Meaningful declines in sales volume are now apparent in reported transaction data." Overall, deal volumes are down year-over-year by 41%.

Starting with office, "At $5.3 billion, August's monthly activity is the lowest since September 2020," the firm said. Volume for that category is down 56%. Cap rates have so far held on according to reports.

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