After four consecutive quarters of year-over-year decline, commercial real estate investment volume in the United States rebounded strongly in the second quarter to $130.9 billion, the third-highest second quarter after 2019 and 2007, reported CBRE. Volume was up 169.5 percent from the pandemic-era trough in second quarter 2020.
Volume increased significantly across all sectors. In percentage terms, growth was strongest in the hotel sector, up 1,575 percent, reaching $439.9 million in the second quarter compared with $23.3 million a year ago. Blackstone and Starwood Capital’s joint acquisition of Extended Stay America for $6.1 billion represented nearly half of the total hotel volume in the second quarter.
Industrial attracted 23 percent less foreign capital in the second quarter than it did a year ago, in part due to high prices and competition from domestic investors.
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