The wide bid-ask gap during the first half of 2023—as CRE transaction volumes plunged in the steepest cliff dive since the Great Recession—appears to have narrowed in the third quarter.
According to Steve Jacobs, CEO of online auction leader Ten-X, the "flex"—the difference between a seller's initial asking price and a price that leads to an accepted transaction on the platform—has increased to 11% in the third quarter from 6% in Q2 2023.
Jacobs told GlobeSt.com that Ten-X is experiencing a huge surge in transaction "opportunities"—opportunities to bring properties onto the auction platform—which are the highest they've been in 12 years, he says.
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