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Industrial vacancy rates rose 70 basis points from 3.9% in January 2023 to 4.6% in October but remained unchanged month-over-month.
The volume of loan maturities is concerning as weaker demand, rising costs and lower property values squeeze office owners while banks and investors reduce exposure to offices.
Sellers have yet to readjust price expectations, as buyers are unwilling to pay high prices amid expensive and limited financing options.
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The average sale price per square foot fell 21% Y-o-Y, with properties trading at an average of $198 per square foot through Q3 2023.
Competition for industrial space will increase in 2024 and 2025, but we anticipate construction starts to pick up again in 2026.
The U.S. office vacancy rate reached 17.5% at the end of August, rising 260 basis points over year-ago figures.
Loans on 18.1% of Class B assets — encompassing 594.2 million square feet — will reach maturity by the end of 2026.
As capital has become scarcer and more expensive, industrial construction starts and sales have slowed down in 2023.
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