Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. This plunge was not unexpected, as rising borrowing costs caused a slowdown in sales and new product offerings, depressing aggregate volume. Investor sentiment remains muted across most asset classes and locations. Funds are being raised, and a near-record amount of uninvested capital remains on the sidelines, ready to be deployed. In today’s dislocated market, investors will find opportunities to acquire assets below replacement cost.
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