Evelyn Jozsa
Evelyn is a creative writer covering commercial real estate trends and insights in the U.S. Evelyn was previously a senior associate editor at Multi-Housing News and Commercial Property Executive. She has an academic background in Journalism and Irish Studies. Evelyn has been covering the CRE industry since 2017. Reach her via email.
2023 Marks Year of Shifts and Stabilizing Trends in U.S. Industrial Sector
Port activity normalized, manufacturing surged in North America, and interest rate hikes dampened transaction activity and new development.
Office Utilization Plateaus at 50% to 60% of Pre-Pandemic Levels
Demand for office space is down, expenses are up and values have dropped, while maturing loans continue to pressure the sector.
Industrial Sector Maintains Momentum Despite Uptick in Vacancy Rates  Â
Industrial vacancy rates rose 70 basis points from 3.9% in January 2023 to 4.6% in October but remained unchanged month-over-month.
Office Projects Face Delays, Cancelations as Uncertainties Linger
About 31 million square feet of new office space began construction in 2023, nearly half of the starts from the last two years.
Industrial Transactions Still Muted as Bid-Ask Gap Holds Firm Â
Sellers have yet to readjust price expectations, as buyers are unwilling to pay high prices amid expensive and limited financing options.
National Office Sales Volume at $25 Billion Through the First Three Quarters of 2023
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.Â
2023 Industrial Construction Starts Dip One-Third from Last Year
Competition for industrial space will increase in 2024 and 2025, but we anticipate construction starts to pick up again in 2026.
Office Vacancy Rates Continue to Rise Despite Return-to-Office MandatesÂ
The U.S. office vacancy rate reached 17.5% at the end of August, rising 260 basis points over year-ago figures.
Loans on Nearly 1 in 5 Class B Offices to Mature Soon. Where Are the Hotspots? Â
Loans on 18.1% of Class B assets — encompassing 594.2 million square feet — will reach maturity by the end of 2026.
Industrial Sector Pinched by Interest Rate HikesÂ
As capital has become scarcer and more expensive, industrial construction starts and sales have slowed down in 2023.
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