Data is typically an important part of smart business decisions — assuming the data is available. In conditions that are changing rapidly, as with CRE, data collections may not be recent enough, making anecdotal evidence important to consider.

A recent virtual meeting among NAI Global offices in the U.S. about capital market trends, moderated by Arthur Milston, senior managing director and co-head of the capital markets group of NAI Global, had some insights into what is happening now.

The top takeaway, and maybe the least startling, is that a lack of available funding is the biggest factor for low transaction volumes. With high interest rates, expensive interest rate caps, and more conservative underwriting with lower loan-to-value ratios, getting deals to pencil has been increasingly difficult. The meeting participants noted that it is very difficult to secure debt for projects of $20 million or more. Investment-grade property under $10 million is still very strong.