In the wake of yet another 75 basis point hike by the Federal Reserve, expect commercial real estate transaction volume – already down year-over-year – to continue to slump.

Trading activity is recent months is short of but close to same-quarter figures in 2019, according to recent research from Marcus & Millichap. But "the compounding effects of multiple interest rate hikes has made it more challenging to complete commercial real estate transactions," the firm's analysts say. "Once interest rates stabilize at a new, higher plane, this consistency will help investors come to agreement and close deals more readily."

Where rates will ultimately land is another story: the Fed will likely want strong evidence inflation is moving back toward the 2 percent target before hitting the brakes on increases, "which leaves the door open in 2023 as to where rates will ultimately land," Marcus & Millichap researchers say.