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Green Street’s Real Estate Alert Proclaims: Smaller-Sales Still Outperformed in 2023

Brokers advised on $82.70 billion in sales priced between $5 million and $25 million, down 24% year-over-year, while institutional sales priced over $25 million decreased 52%.

NEWPORT BEACH, Calif., Feb. 21, 2023 – Green Street’s Real Estate Alert has released its annual ranking of brokers representing sellers of assets priced between $5 and $25 million, or private-capital real estate market transactions. The rankings across multiple property types were published in the Feb. 20 Real Estate Alert special supplement, a culmination of the publication’s 2023 broker rankings in the institutional marketplace (deals over $25 million).

Some $82.70 billion of properties worth $5 million to $25 million changed hands last year, down from $109.24 billion in the prior year. And while it’s the largest year-over-year decrease since the newsletter began tracking smaller deals in 2019, it far outpaces the 52% drop in sales of properties valued at $25 million and up, Real Estate Alert reported.

The publication interviewed multiple brokerage industry experts about the continued resiliency of the private-capital space amongst economic downturns. It’s unsurprising that the volume of sales of smaller properties has dropped less than it has for larger deals, as that’s been the case in previous down cycles. “Longer hold periods for private investors — who can wait out downturns — continue to drive buying activity, despite broader economic issues,” according to the supplement.

“Property sales valued at $5 million to $25 million continued to hold up better than the institutional marketplace in 2023 —CBRE claimed the crown with an 18.6% share of brokered trades, based on $8.77 billion of activity,” Real Estate Alert reported.

Rounding out the top five positions in the broker rankings were 2) Marcus & Millichap, 3) Jones Land LaSalle, 4) Cushman & Wakefield and 5) Colliers.

In addition to the $5-$25 million deal broker rankings, Real Estate Alert’s complimentary special supplement available for the public to download further highlights transaction and market-level data accessible through Green Street’s web platform. The broker rankings fuel Green Street’s U.S. Sales Comps database, which contains more than 20 years of verified investment sales transactions totaling $4.5 trillion in value.

Download the Real Estate Alert Special Supplement for the full 2023 rankings and analysis of deals valued between $5 million and $25 million.


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