Commercial real estate markets are in a funny kind of limbo. During the first quarter, the number of deals under offer that failed to close spiked in Europe and the UK, which was likely the last gasp of a down market. Buyers may be holding out for cheaper debt, while sellers are in no hurry to trade at today’s prices if yields move lower. Indeed, it’s hard to argue with that logic. The European Central Bank dropped rates by 25bps in June. The Bank of Canada cut a total of 50bps so far in 2024, and the UK cut by 25bps in early August. With slowing job growth numbers and a downward trend in inflation, the US is expected to begin reducing rates in September.
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