Average asking prices dropped 4.81% in March compared to month-over-month data, with cap rates rising by 25 basis points in the same period, according to Crexi, which based these numbers on its users' activities for the month. At the same time the share of unpriced listings rose 2% in March to total 12.5% across all assets.

The banking crisis facilitated the sharp drop in asking rates as building owners sought to stay competitive "and appeal to current and prospective tenants when most businesses are taking a hard look at their bottom line and operational costs," Crexi said.

The average asking price for multifamily properties dropped a significant 24.9% following last month's glut of construction deliveries but still experienced slight cap rate compression. From March 2022, asking prices for multifamily were up 4.1%, according to the report.