The anemic pace of New York City commercial real estate investment sales in the first quarter puts 2023 on a pace to be the slowest year for CRE sales since 2009, in the Great Recession that followed the GFC.

The Q1 2023 total of $2.2B in commercial real estate investment sales involving 108 properties in New York City is a 59% decline across the trailing four-quarter average and a 53% decrease from Q4 2022, according to Avison Young data reported by Bisnow.

The decline in investment sales was seen across all sectors. Only two apartment buildings and one office tower traded for more than $100M.