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Commercial Real Estate Transaction Volume in 2022
The only market in that top 10 to actually gain in transaction volume in 2022 was Manhattan. And it's fair to say though that all five of those top markets were down in a volume on a year over year basis. So with 2023 starting off to look somewhat similar to the second half of 2022 from a volume perspective, we expect 23 to end the year with lower total volume than 22. But I fully admit there is a large amount of uncertainty in almost every regard and particularly in terms of the pace of real estate transaction volume.