Office has had a tough time, with effects of hybrid workplace strategies and also a deteriorating credit outlook through 2025.
And so, it should not be surprising that according to Northmarq, the $1.78 billion in investment sales during the third quarter were down 31% from the second quarter and a decline of 63% year over year.
According to the company's data, annual sales show a starker pattern. In 2019, investment sales were $29.2 billion. In 2020, about $19 billion. There was a surge again in 2021 to $29.8 billion. In 2022, that eased back to $22.6 billion. However, 2022 saw a slowdown again $22.6 billion. Through third quarter 2023, however, the total has been $5.7 billion. There might be a fourth quarter jump, but it would have to be massive to bring the total up.
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