A lot of attention in CRE focuses on large sales and projects, and anyone following the news has seen how transaction numbers have plummeted. That's in year-over-year comparisons with 2022 being an unusually large baseline.

But not all property transactions are hit at the same rate. Forget about subsectors by type for a moment and think size. There's ongoing evidence that smaller CRE property sales have held up better than large ones for at least the last year.

Green Street's Real Estate Alert noted that in 2023, property dollar sales of $5 million to $25 million in size outperformed by percentage change dollar sales of properties with values of $25 million or more, compared to 2022.

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