Commercial real estate transactions around the world have been as dismal as they have been in the U.S., falling 55% year-over-year in the first quarter of 2023 to $147 billion in U.S. dollars, according to CBRE.
Deals fell 56% in the Americas with investment totals for all property sectors dropping. Multifamily declined 64%, while industrial investment fell by 49%, office dropped a bigger 71% and retail dropped 32%.
The turmoil in the commercial real estate industry is expected to help push the country into a moderate recession later this year with many pundits giving no more specific timetable than late 2023 or early 2024.
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