A report from BlackRock Real Estate Research says that investments after periods of downturns tend to perform well afterwards. Specifically, the period starting in 2022 where the Federal Reserve tightened interest rates, which led to lower transactions volumes and declining property values may be one of those times.

"Vacancy rates have remained solid, particularly in the living and logistics sectors," they wrote. "Higher construction costs and interest rates as well as tighter lending conditions will likely keep the number of development projects low, exacerbating the undersupply of prime property. This will only lessen any downside risk for future real estate performance."

One reason they argue that 2024 will become a good year for investment is that tight credit conditions in 2023 put pressure on debt financing, reducing volumes and forcing pricing adjustments throughout last year. "Even though, we are in a 'higher for longer' environment, real estate is in a stronger position today than it have been for the previous 18 months," they wrote. "Inflation is on a downward trajectory and today we have more macro clarity, which should culminate in improved sentiment and price transparency."