Greater Phoenix Institutional Purchases and Sales Recap
2020 – Q3 2023


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