As commercial real estate transaction volumes have declined by as much as 70% in the second half of 2023, Ten-X has tightened its evaluations of whether auction opportunities will lead to trades.

James Searles, Ten-X’s regional director for the NYC Tri-State market, spoke to GlobeSt. about trends he has seen on the platform in response to recent market activity.

“It’s really hard for sellers to get comfortable with walking away from a valuation that a couple of years ago they might have thought was X, and now it’s significantly lower than X,” said Searles.

“Our clients are still adjusting, flexing in order to transact. In many cases, we’re able to get additional bidding activity from the market after that flex is applied and the owner is able to recoup some of that value in the transaction.”

Read the full article on GlobeSt.