After a considerable decline in U.S. commercial real estate (CRE) transaction volumes in 2020, 2021 recorded a remarkable comeback. Overall transaction volumes are nearly double 2020 levels, reaching $809 billion. This is almost 50% above the average annual volume of $530 billion between 2015 and 2019. While historically high transaction volumes in 2021 can be partially attributed to carryover of unfinished transactions during a challenging 2020, investor sentiment also played a major role in the market’s sharp turnaround. After reassessing CRE fundamentals and the macroeconomic environment based on new challenges from the pandemic, investors began to regain their confidence and realign portfolios, sometimes expanding into new property types.
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