Office has taken the lion's share of a beating for a while now, but how much has it really been? MSCI recently did some estimations and calculations.
Office deal volume in the last quarter of 2023 fell 66% below the average Q4 volume between 2015 and 2019. The choice of timeframe rather than a typical year over year or between 2021 and 2023 is significant.
One of the caveats in discussing transaction volumes and sale prices has been considering the baseline. The years 2021 and 2022, pumped by pandemic demand, were record-breaking. The more unusual the baseline, the bigger the fall would seem to be, even if it were a reversion to an historical mean.
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