In 2023, global real estate investment volumes were among the lowest since the global financial crisis, according to Colliers’ March 2024 Global Capital Flows report. Overall, volumes were at 75 percent of the 10-year average, with varying results across regions.

The Asia Pacific region performed best, with volumes reaching 91 percent of their 10-year average. It is notable that activity stayed in line with the lower range of the five-year average throughout 2023 before rising significantly in the fourth quarter, particularly during December.

North America attained 68 percent of its 10-year average. Relative to the five-year average, activity was subdued across the year, but in line with the lower range. There were no signs of any pickup in activity during the fourth quarter.

The Europe, Middle East and Africa (EMEA) region saw the weakest performance, with only 52 percent of its 10-year average. Monthly activity remained below the lower range of the