Greater Phoenix Institutional Purchases and Sales Recap
2020 – Q3 2023

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We evaluated the purchases and sales by institutional investors of office, industrial, and retail income properties from 2020 thru Q3 2023. In our findings there were some obvious, but also not-so-obvious trends.

Among the obvious: purchases of industrial properties accounted for 78% of all institutional transactions thru Q3 2023, growing from an average of 59% during 2020-2022; while institutional sellers of offices accounted for 57% of all institutional sales thru this Q3 2023, many of which sold at a loss.

Not so obvious: institutions are holding onto their retail properties, having sold only 12 multi-tenant properties during this almost four year period; they are also holding onto their industrial properties more so in 2023 than in previous years, only representing 28% of institutional sales where in the previous three years they averaged 43%; and thru Q3 2023 institutions purchased only 5 offices, of which 4 were medical, and 3 were anchored by Banner.

Greater Phoenix Institutional Purchases Sales Recap