Monitoring changes in commercial real estate markets by looking at what happened a month or two ago is driving with eyes glued on the rear-view mirror. There's an illusion of clarity and control. You can get blindsided, but some information is better than none.

The latest sales report from Colliers using MSCI data covers April, and it was definitely a showers kind of period. "April sales data was the weakest so far in 2024," wrote Colliers Director of Research, U.S. Capital Markets Aaron Jodka. "The rise in the 10-year Treasury over the month stalled deals and will likely reverberate in May."

Whether that is the case remains to be seen. The 10-year Treasury yield in May, which helps push up interest rates, was down perhaps 15 basis points from April, so unclear whether that was enough to restart stalled deals.

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