Deal volume across all asset classes dropped 59% year-over-year in February, thanks largely to the absence of "blockbuster entity-level" deals and a dearth of office sales, which showed a staggering 71% loss over 2020 levels.
New research from Real Capital Analytics showed portfolio and entity-level sales declined an eye-popping 90% "with no supersized deal last month to match the Prologis acquisition of Liberty Property Trust in February 2020." Apartment sector deal volume fell 33% year-over-year as well.
The February numbers showed a few silver linings, however—individual industrial asset sales were near a record level, and CMBS and investor-driven lenders picked up speed at the end of 2020, accounting for a combined 19% share of the US lending market in Q4.
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