High borrowing costs and interest rates continued to batter the U.S. commercial real estate market in July despite early signs of pricing stabilization. According to a recent report from Colliers, the volume of investment deals in July declined by 15% year-over-year, totaling $21 billion. Investment volumes for industrial, multifamily, and retail properties dropped by double digits, with industrial properties seeing the steepest decline at 33%. Multifamily sales fell by 11% to $7.5 billion.

"Individual [retail] deals drove July's volume, headlined by the sale of Country Club Plaza in Kansas City for $175.3 million," Colliers reported.

"Simon Property Group and Macerich sold the asset to Ray W. Washburne. In Manhattan, Bando E&C acquired the retail condo at 2 Times Square for $99.3 million, or $3,817 per square foot, continuing the city's retail hot streak. In Orlando, Lee Vista Promenade traded for $68.5 million."