Commercial real estate investment in Greater Boston dropped 36 percent in 2022 amid the slowing economy, rising interest rates and higher project costs.

The region fell two slots in the national rankings to 10th in overall investment volume, CBRE reported.

The local market’s decline coincided with a broad-based decrease in national commercial real estate transaction activity during 2022. Overall, U.S. investment volume declined 17 percent, including a 63 percent drop in the fourth quarter, according to CBRE’s U.S. capital markets report.

Greater Boston benefited from the steep increase in life science activity during 2021, as investment volume increased 60.2 percent.

Interest rate hikes prompted lenders to pull back in Greater Boston during the second half of 2022, CBRE Executive Vice President Heather Brown noted at a December forum sponsored by NAIOP MA. But institutions have ample capital available and Boston remains a popular destination for foreign and domestic investors, Brown said.

Nationwide, investors fled to safe havens in sectors such as multifamily and industrial properties in 2022, which accounted for $279 billion and $142 billion in transaction activity.

The downturn was felt in nearly all major U.S. metros, with 15 of the top 20 markets recording double-digit declines in investment volume. Los Angeles and New York, the top two markets, declined 12 and 6 percent respectively.

Prior to the pandemic, national investment volume averaged $132 billion between 2015 and 2019 before skyrocketing to $296 billion in 2021.