CBRE forecasts a 15% year-over-year drop in U.S. commercial real estate investment sales volume in 2023. Investment activity will likely stagnate in the first quarter and then gradually improve. Stephen Stein, Co-founder and President of Tauro Capital Advisors, asserts that sale activity will rebound in early 2023 as sellers, investors, and developers grasp the “new normal” of interest rates and cap rates. The anticipated drop in the capital markets won’t be as bleak as the forecast for investment sales. Investors will still have an essential need to refinance, buy out, and sell along with practicing other activities.