(Bloomberg) -- The U.S. commercial property market froze up during the pandemic.

The volume of deals for properties including offices and hotels plummeted 79% in May compared with a year earlier, according to Real Capital Analytics Inc.

Transactions fell to $9.8 billion, an 11% drop from a month earlier and the lowest for May since 2010, according to the report released on Wednesday by the New York-based firm.

“Investor uncertainty continues to mount as it remains unclear the extent to which Covid-19 will impact the broader economy and sap business demand for commercial property,” Senior Vice President Jim Costello said in the report. “For now, despite the availability of dry powder, many investors are choosing to stay on the sidelines.”

Deals to purchase hotels plunged 95% in May, the largest drop of any property type. Retail property transactions were down 83%.

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