In the midst of a challenging commercial real estate landscape, CBRE predicts a mid-2024 resurgence in multifamily transactions. This optimism stems from factors like the conclusion of the Fed’s rate-hiking cycle, improved capital market conditions, and opportunities created by loan maturities. While overall deal volume decreased by 8.5% in Q3, the multifamily sector remains seemingly resilient, accounting for 34% of investments in the same period, setting the stage for a potential recovery.
Interestingly, specific markets show varying trends, with gateway cities like New York and Los Angeles experiencing declines, while cities like Phoenix and Dallas witness notable gains. Dallas-Fort Worth leads the way, representing 71% of total investment volume in the past four quarters. The multifamily sector, including promising markets like Phoenix, appears poised for growth amidst broader challenges in the commercial real estate industry.
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