As startling as the year-over-year drop in commercial real estate deal volume in the first half of the year has been, Marcus & Millichap points out that the declines are not far off from long-term averages.
This data also shows that it's mostly affected properties worth $20 million or more, according to John Chang, Senior Vice President, National Director, Research and Advisory Services, Marcus & Millichap.
The estimated total dollar volume of $1 million plus commercial property sales in the first half of 2023 is down nearly 53% from the first half of last year, Marcus & Millichap reported.
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