Global commercial real estate investment volume decreased by 60% YoY to US$226 billion in Q4 2022 across all regions, with full-year global volume falling by 20% from 2021’s record amount to US$1.14 trillion, weighed down by rising interest rates and worsening economic conditions in the second half. Investment totals for all property sectors declined YoY in Q4, with multifamily falling the most (-72%) and hotels the least (-20%). Despite expectations of a moderate recession in 2023 and continued monetary tightening, commercial real estate investment activity is expected to pick up around mid-year as uncertainty subsides. CBRE forecasts that global investment volume will decrease by 11% in 2023 but still exceed pre-pandemic levels in 2019.
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