SVN® Internation Corp. Economic Update – Keeping our clients up-to-date about the latest trends affecting the real estate landscape.
According to the National Association of Realtors (NAR), the commercial real estate market is dealing with more vacant spaces and slower growth in rent for October. Despite these challenges, stable labor market conditions and seasonal factors are helping to keep the sector on solid ground. NAR also notes a renewed demand for multifamily properties in 2023 due to increasing mortgage rates, with significant increases in both net absorption and construction unit deliveries. In the industrial sector, rent prices remain higher than pre-pandemic levels, and vacancy rates are approaching pre-pandemic levels, thanks to a substantial increase in delivered square footage over the past year. Retail sector vacancies hit a 10-year low in September, with rent growth slowing down but still staying above pre-pandemic levels. Strong consumer spending is supporting the retail sector, even with higher prices for goods.
Click below for highlights from the FOMC meeting minutes on the interest rate decision, Census Bureau’s October jobs report, and more!
