Commercial real estate remained in the doldrums in October, with weak sales volume and few deals, according to Colliers' recent analysis of MSCI data. No asset class showed gains, and some plummeted year-over-year.

In total, deal volume amounted to just $18.3 billion for October – 68% below the figure for October 2022 – and the lowest for this year. Transactions were down 64%.

The highest dollar volume was for multifamily, which achieved $6.2 billion. But that was a slump of 72% YOY and marked a 14% price drop. Only 255 properties traded – the fewest since 2011. Still, there were some deals of more than $100 million, led by TA Realty's purchase of two properties in Cary, NC and Nashville from Crescent Communities and Pearl Street Partners for $204.6 million. Other significant sales took place in Denver, Raleigh, Phoenix, Randolph, MA, Carrollton, TX, Knoxville, Calabasas, and Eugene, OR.