The good news for 2024 in U.S. commercial real estate according to Colliers is the chance to adjust to a new market reality, including a more stable interest rate environment, and some appealing investment opportunities.

The bad news is some of the same, because anyone pining for the heady days of zero interest rate policy and frothy markets is going to be seriously disappointed.

Start with a pithy assessment of the new market reality by David Amsterdam, president of U.S. capital markets and Northeast region. "Activity levels in 2021-2022 were unsustainable and are unlikely to return in the near term," he wrote. "Market recovery will be a drawn-out process. It's worth noting that it took a decade for sales volumes to recover after the Global Financial Crisis, even when interest rates were favorable and investors were chasing yield. In the current environment, factoring in competition, investment strategies will have to be more selective and tactical."