MSCI has done its monthly look at capital markets by CRE category. GlobeSt.com has looked at the firm's data about retail, industrial, and multifamily.

Now it's time for the property category that, like an encapsulation of Rodney Dangerfield, doesn't get no respect — office. In a bit of understatement, MSCI noted that the "office market is not roaring" into Q4. "Deal volume fell at high double-digit rates in both October and November, and it would take a record turnaround in December to get growth in deal volume to be flat for the quarter, let alone the year. The real weakness in the sector is with CBD offices where prices and volume face more challenges than suburban assets"

Similar to industrial, retail has an end-of-year deadline quickly approaching. "To get deal volume to be flat relative to the fourth quarter of 2022, the market would only need to see sales of $15.1b for December," they wrote. "Such levels of deal activity would be easy to achieve in the prepandemic world, with December volume averaging $18.9b from 2015 to 2019. Changes in the financing environment, still-falling prices and uncertainty around future tenant demand are hindering the ability of the market to clear at such a level."