It is safe to say that the start of 2023 was not the year we envisaged or hoped for in commercial real estate. This is despite a positive economic backdrop, with inflation following the path of least resistance.
Activity was expected to bottom out around mid-year, but the recovery failed to materialise, as economic resilience gave rise to higher for longer interest rates, which extended a period of wait-and-see in real estate capital markets.
As we look ahead to the rest of the year, we are optimistic that activity will bottom out, with a recovery taking hold in the second half of 2024.
You may have a sense of déjà vu. However, while not wanting to succumb to the ‘this time is different’ syndrome, there are good reasons to believe that it is.
>> Read the latest report here
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‘The week in review’ is your weekly debrief on the major economic events and what they mean for real estate.