First quarter 2020 investment volume increased by 8.1 percent year-over-year to $116.5 billion and was bolstered by portfolio and entity-level sales, which accounted for nearly 40 percent of total investment, reported CBRE. Single-asset sales, which are a more reliable indicator of demand, decreased by 12.7 percent year-over-year.
The bulk of first quarter deal activity (77 percent) was in January and February, with volume dropping off significantly in March as the impact of COVID-19 intensified.
Cross-border investment has been declining since 2018. For the year ending in first quarter 2020, quarterly cross-border volume averaged $10 billion, compared with $21.3 billion in 2018. However, cross-border volume in Q1 2020 was higher than in first quarter 2019.
The total annual NCREIF return fell to 5.28 percent in first quarter, as the appreciation component dipped below 1 percent for the first time since third quarter 2010. Income returns, which have been relative
