A gradual recovery has begun in commercial real estate investment. Global property sales grew 23% quarter-over-quarter in Q3 to US$147 billion, lifted especially by a 34% rebound in the U.S. On a year-over-year basis, global investment volume fell by 48% in Q3 and 31% year-to-date. Investor sentiment has risen greatly in Asia, where the rate of COVID-19 infections has eased. The same was true in parts of Europe, but a recent resurgence of infections in countries like France and Italy threatens to derail the recovery. In the Americas, despite the broader economic recovery, investors remain in a period of price discovery and risk aversion.