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Alternative Market Briefing

US real estate deal activity slowed during the Q4 2019: PWC

Monday, January 27, 2020

Laxman Pai, Opalesque Asia:

Real estate deal value and volume in the U.S. fell during the fourth quarter of 2019 compared with the prior quarter amid ongoing geopolitical tension, a decline in cross-border capital flows, and the prospect of tougher regulation from the local to the federal level.

According to the PWC report titled, 'US real estate deals insights', the total volume of real estate deals fell 18.2% during Q4 2019 compared with the third quarter. At the same time, deal value declined 5.8% during the fourth quarter compared with Q3 2019. These declines followed solid volume growth during the prior six months.

For all of 2019, transaction value declined 4.8% compared with 2018, an especially strong year. Nevertheless, the total value for 2019 exceeds the level for 2016 and 2017.

The average deal value continued to rise during the fourth quarter, increasing 15.1% compared with the prior quarter and 8.1% compared with Q4 2018.

Transaction value in the hotel property sector continued its strong performance during the second half of 2019, increasing 4.5% during the fourth quarter on the heels of Blackstone's acquisition of Bellagio Hotel & Casino. Deal value in the office sector increased by 12.8% compared with Q3 2019.

Sector data for all of 2019 tells a different story. The value of industrial property deals rose 13.1% in 2019 compared with 2018. Yet nearly all other real estate sectors logged a decline in transaction value in 2019.

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