Commercial real estate deal volume in January was 15% lower year-over-year, according to Moody's. Major sales by the Blackstone Real Estate Income Trust were seen as a standout. The company is shifting its portfolio towards data centers, high-end apartments, and logistics. Despite this, the deal volume for the office sector is only 11% below its pre-Covid demand level. The biggest deal was the $730 billion sale of Park Avenue Tower to SL Green. Moody's also noted that while large institutional deals are being done, middle-market volume is being hit by tighter credit standards and bid-ask spreads. Despite the decline in commercial real estate volume, large deals above $100 million saw year-ago-year growth.