Many in commercial real estate today may not have been active during the Global Financial Crisis, otherwise known as the Great Recession. It was brutal with a particularly hard impact on real estate, which was one of the engines that drove things to the edge and beyond.
But if they look back on 2023, they can get a strong flavor, according to MSCI and its latest 2023 Capital Trends overview.
"Deal volume fell at a pace in 2023 that was reminiscent of the worst parts of the Global Financial Crisis," they wrote. "Prices continued to decline as well, with some elements of the market down at double-digit rates. Despite these negatives, the market is not as bleak as the change from 2022 might suggest."
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