Despite some "dark spots plaguing the market" and the possibility of backsliding, MSCI has said that volume and pricing may have hit bottom in Q2, 2024.

Some other sources such as Goldman Sachs and CoStar also say there's been evidence of a bottom approaching if not quite here. Those are broad views over large markets, with acknowledgments that some areas like offices are complex, with the top 10% to 15% doing well in Class A and the rest in Class B and C taking the bulk of the hits.

But the office market isn't alone. Although not at the same level of pain, particularly, MSCI said that alternative sectors are showing a bottom. Investment volume across alternative property types during the second quarter was $8.6 billion, or down 12% year over year. Compared to the average second quarter between 2015 and 2019, sales activity was off by 34%. All asset types were either at the average or below it.