August offered a hopeful sign that CRE sales in the U.S. could be on the upswing, but the market still has a way to go before it recovers fully, and deals over $100 million are scarce, according to Colliers Capital Markets August update.

After a weak June and July, sales jumped 20% in August to $23.5 billion. But on an annual basis, the market was down 61% compared to the prior year, and prices were lower as well – with the exception of hospitality, which improved by 1%.

By sales volume, multifamily led all other asset classes, recording deals worth $8.2 billion. That was 74% less volume than August 2022 but 21% higher than July this year. The sector was also unusual in scoring several trades exceeding $100 million, "revealing continued liquidity in the multifamily market," Colliers noted. Top billing went to the $372 million purchase by Bridge Investment Group of a six-property portfolio in Massachusetts from Harbor Group International with 1,722 units.