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.”

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Erik Sherman

GlobeSt

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