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Smaller Sales Prove Resilient; Marcus & Millichap Takes Crown
February 21, 2023
Property sales valued at $5 million to $25 million continued to hold up better than the institutional marketplace in 2022 — and for the first time, Marcus & Millichap was the segment’s lead brokerage.
Some $90.4 billion of private-capital sales closed in 2022, up 7.7% from $83.9 billion in the prior year. The tally is 65.2% higher than the $54.7 billion of smaller sales recorded in 2019, the first year Real Estate Alert surveyed the private-capital space. By comparison, the $25 million-and-over market was down 21.5% year over year and just 25.8% higher than three years ago.
Private-capital sales volume was buoyed by the hotel and retail sectors, where sales jumped 58.5% and 30.4%. And the office, multifamily and industrial sectors performed better than their institutional counterparts.
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Some $90.4 billion of private-capital sales closed in 2022, up 7.7% from $83.9 billion in the prior year. The tally is 65.2% higher than the $54.7 billion of smaller sales recorded in 2019, the first year Real Estate Alert surveyed the private-capital space. By comparison, the $25 million-and-over market was down 21.5% year over year and just 25.8% higher than three years ago.
Private-capital sales volume was buoyed by the hotel and retail sectors, where sales jumped 58.5% and 30.4%. And the office, multifamily and industrial sectors performed better than their institutional counterparts.
