Annuit sales reached a record high of $385 billion last year.
Shoppers are getting dragged into bidding wars for the scant supply of listed properties.
Office sales declined 20% in Q3, while industrial and residential building deals fell 3.2% and 6.3%, respectively.
The decline follows an surge in giving in 2020, when the pandemic and social unrest fueled more donations.
BREIT returned about 29% of what investors requested in September.
A national gauge of prices rose for a sixth straight month, increasing 0.6% in July from June.