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 [...]