There's a bit of a turnaround in CRE sales transactions, according to a Moody's CRE report. But the current results and trends vary by property type and a return to pre-pandemic normalcy will need the help of the Federal Reserve's reduction of interest rates.

"CRE transactions have started to show some signs of recovery with the year-over-year transaction decline now only at -8.0% in the first quarter of 2024 (up from -18.4% in Q4 2023 and the all-time low of -55.1% in Q2 2023)," the report read. "There was a decline in office transaction in Q1 2024 but that was mainly due to several large transaction in Q4 2024, namely $2 billion transaction for 250 Vesey St. and a $1.5 billion transaction for Two Manhattan West, both of which are in NYC."

The changes in transaction levels have been in gross dollars and not in units, which makes a fully equivalent comparison difficult to see.