US sales volume approached $180 billion in the third quarter, with capital entering the market on track to hit an all-time high this year—and Q4 is primed to be another one for the history books.

A "record amount" of capital is on the sidelines waiting to be deployed in North America, according to new research from Colliers, and "investors are eager to tap into these funds." Pricing also remains strong and on the uptick across all asset classes, led by multifamily (which saw a volume during the quarter that was in line with industrial and office combined).

Colliers researchers call multifamily the "clear-cut volume leader" this year, led by strong fundamentals, rent growth, and a pivot to the asset class from other sectors. Multifamily hit $78.7 billion in quarterly volume, a 16.3% year-over-year increase. The sale of the 46-building Spring Creek Towers in Brooklyn was a standout sale at $1.8 billion, while top markets to watch include Dallas, Atlanta, and Phoenix.