CRE sales volume dropped in each of the top 25 U.S. markets in the first half of 2023.

In some cases, there were precipitous slumps from the same period a year earlier – 75% in Seattle, 73% in Orlando, 72% in Charlotte, 70% in Houston, and 69% in Atlanta. In other cases, the fall was less severe – 46% in San Francisco, 41% in Northern New Jersey, and 37% in Broward County, FL. "Deal volume in each market fell at double-digit rates in the first half of the year compared to the same period a year earlier," according to MSCI's Capital Trends report.

Some sales stood out. The $1.1 billion deal for the Port of Los Angeles Distribution Center, which accounted for almost one-third of the metro's total industrial volume, led the nation. It contributed to the $9.2 billion total sales achieved in Los Angeles – down 48% from the prior year. The industrial sector accounted for 41% of activity there while apartments accounted for 28%.