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Investment Capital Continues Its March Toward America's Smaller Cities

August 31, 2022

Investment sales activity has been in a “long steady migration” from big cities to small ones, with a greater amount of capital flowing into tertiary markets from primary ones.

In the early 2000s, 60% of all CRE deals were in gateway cities like Los Angeles, New York and Chicago. But by 2004, “the money started to move,” says Marcus & Millichap’s John Chang. “By 2007, major metros constituted half of the market. It shrunk to 40% by 2018 and primary markets now constitute just 33.8% of total deals.
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