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With the entirety of 2021 now in the books, it’s safe to say that the U.S. commercial real estate market left recovery mode last year and firmly entered a certifiable boom period.

Case in point: According to a fourth-quarter 2021 report from Real Capital Analytics (RCA), nationwide commercial deal volume for full-year 2021 was up a whopping 88% year over year to reach a level normally associated with global, rather than national, activity. Some $808.7 billion in commercial real estate transactions was seen over the 12-month period as optimism regarding new income growth in some sectors joined the stable, resilient yields generated by other asset classes in whipping up a veritable yearlong flurry of movement.

The fourth quarter alone was a strong one, with a 97% annualized gain in transaction volume that pushed the three-month level of deals to $325.1 billion, according to RCA. Even compared to the pre-pandemic fourth quarter of 2019, deal volume in Q4 2021 came out 80% ahead.

Multifamily housing was the most active sector of 2021 by a wide margin, comprising 42% of all transaction activity. Last year saw the continuation of a sea change in the sector. As the pandemic and the ensuing rise of remote work pushed migration patterns toward suburbs, exurbs and smaller markets, investors and developers followed suit. Properties in these markets represented roughly 80% of all deal activity last year, up substantially from about 60% in years past.