It was a year ago that many in the industry were predicting improved conditions in 2023, with price discovery, more transactions, and all-around better markets. The optimism didn't last long, with continued interest rake hikes, bank failures, skittish lending, plunging transaction counts, and falling valuations.

A projection of better times in 2024 seems like courting eventual disappointment. However, conditions are far different. Inflation continues to come down, largely due to supply chain improvements since the global pandemic disruption. The Federal Reserve's latest meeting resulted in holding rates steady and projecting three reductions in 2024. A recession is less likely than it had been. All this could take pressure off refinancing and CRE in general.

Which is why CBRE's projection that capital market activity is expected to stabilize comes across as optimistic, if with caveats.