U.S. commercial property prices resumed their decline in Q3 as interest rates once thought to be inconceivable have become the norm, and will likely continue for at least the next 24 months. Retail rent has increased 11% since the end of 2019 and 4% over the past year as retailers enjoy surging sales amid limited [...]

The challenges facing the office market are broad, and especially pronounced at high-profile buildings in the largest urban markets.  National office vacancy hit a record 13% in Q3 2023.  Downtown office attendance is at half of its pre-pandemic level, based on keycard data.  On a bright note, suburban office properties showed exceptionally robust net cash [...]

In the industrial market, net absorption is 30% below pre-pandemic levels. New construction will likely outpace tenant demand for at least another two or three quarters. Industrial rent growth has begun to decelerate from a peak rate of 12% in mid-2022 to 8.5% as of mid-2023. Still, the industrial market remains strong in nearly all [...]