• Global commercial real estate investment volume fell by 60% year-over-year in Q4 2022 to US$226 billion. Volumes fell across all regions, down by 63% in the Americas, 62% in Europe and 29% in Asia-Pacific.
• Full-year global volume totaled US$1.14 trillion, down by 20% from 2021’s record amount. While the first half of 2022 had historically strong volume, rising interest rates and worsening economic conditions weighed on investment activity in the second half.
• Investment totals for all property sectors fell year-over-year in Q4. Multifamily fell the most (-72%) and hotels the least (-20%).
• Expectations for continued monetary tightening and a moderate recession in 2023 will inhibit commercial real estate investment activity. However, activity should begin to pick up around midyear as uncertainty abates.
• CBRE forecasts that global investment volume will decrease by 11% in 2023 but still exceed the pre-pandemic high in 2019.