Although May sales volume totals remained low, portfolio activity along with properties on the market indicate stronger months could be coming. After single-digit, year-over-year declines in March and April, volume was down 38% in May, according to the Colliers update based on MSCI data.

The office market typified the volatility of monthly sales activity in 2024, with sales volume off 42% from last May at $2.3 billion transacting and the fewest individual asset trades this year. The three largest deals in May took place in the Bay Area, according to Colliers. They include Pleasanton Corporate Commons trading for $151.8 million, Sunnyvale Park Place trading for $100.5 million and 1455 Market Street in San Francisco trading for $96.9 million.

Industrial sales volume, on the other hand, increased month over month, with $5.4 billion in trading activity. Of note, Prologis sold a 4.1 million square foot portfolio in Minnesota to Exeter and Blackstone sold two portfolios to Terreno Realty and DRA Advisors. This increased activity is a sign of improving liquidity in the industrial market, said Colliers.