Industrial, with multifamily one of the two investment darlings of the pandemic and after, did relatively well in November. But not well enough as it still took a big hit according to MSCI's November 2023 report on the sector. It took a 64% year-over-year drop.

"Deal volume through November puts the sector behind apartments as the second most traded sector for the year," they wrote. "Deal volume still fell in November even with these positive elements supporting the sector. Macro forces have simply made it difficult for investors to underwrite investments."

Individual asset sales took the biggest hit, down 69%, a change from early in the year. "The pace of sales for individual assets had fallen at a 53% YOY rate in April and had generally improved in subsequent months," MSCI wrote. "It is unclear at this point if the 69% decline is simply a number that will be revised up in coming months as smaller deals are found or a sign of a new sense of hesitancy."