U.S. Sales Volume in 2Q23 is Down ~50% Compared to Last Year’s Result, According to Green Street’s Quarterly Transaction Trends Report
NEWPORT BEACH, Calif., Sep. 14, 2023 – Green Street, the preeminent provider of actionable commercial real estate intelligence and analytics, has released a new special report, Property Insights: Quarterly Transaction Trends, analyzing data from the firm’s U.S. Sales Comps database of verified transactions $5 million and up in order to provide insight into market health and where investors are allocating capital. This is the second report to be published as a part of Green Street’s new quarterly series, which is authored by Managing Director and Co-Head of Strategic Research, Daniel Ismail.
“Broader macro conditions are not supportive of CRE transactions right now. Credit availability has tightened, and that combined with higher interest costs, a persistently wide bid-ask spread, and the lack of forced sellers is limiting deal flow,” said Ismail. “The decline remains fairly broad-based, as no markets appear to have avoided material slowdown in transaction activity. The office sector has shown the most pronounced drops – particularly in markets like Houston, New York, and Atlanta – relative to estimated market value, while apartments and strip centers stand out with steep year-over-year volume declines. Despite cyclical headwinds, REIT M&A has picked up in 3Q and major deals in office and industrial provide North Stars for values and some glimmers of hope.”
To download Green Street’s 2Q transaction trends report, click here.
Green Street’s sales comps data, which underpins the new quarterly transaction trends report series, is aggregated and managed through high-quality data collection and meticulous verification processes.
“Our Sales Comps database is truly distinguished from other comparable industry providers due to its data accuracy and embedded analytics,” said John Guilfoy, Chief Product Officer. “We are equipping clients with a trusted and comprehensive view of commercial real estate transaction activity and property pricing insight, along with easy access to essential macro, sector, market and asset-level intelligence relevant to each sale. Green Street's significant investment in the Sales Comps database and our overall asset-level intelligence has driven high value and high demand from our clients and market participants. We have a robust pipeline of enhancements and are excited to launch them in the coming months.”
Interested parties can visit Green Street’s website to learn about and schedule a demo of Sales Comps.
About Green Street
Green Street is the preeminent provider of actionable commercial real estate research, news, data, analytics, and advisory services in the U.S. and Europe. For more than 35 years, Green Street has delivered unparalleled intelligence and trusted data on the public and private real estate markets, helping investors, banks, lenders, and other industry participants optimize investment and strategic decisions. The firm delivers exclusive market information, conclusion-driven insights, and predictive analytics through a SaaS platform. To learn more, please visit www.greenstreet.com.
Katie Clemons Ball
SVP, Global Marketing