Join us for a review of the 2023 real estate market and an insightful look forward to 2024. In this episode, we sit down with Director of Education, Rob Claus, to analyze various market reports and discuss key trends in the commercial real estate sector.

Reviewing 2023:

• Office Space: Vacancy rate at 14%
• Multi-family: Increased by 7.5% and finished strong, with 38% of all investor money allocated to multi-family properties
• Retail Properties: Dropped by 4.1%, with large mall spaces continuing to decline while local neighborhood and strip malls outperformed and grew
• Industrial Properties: Remained the leader in the commercial real estate sector

Looking ahead to 2024:

• Office Spaces: Expected to underperform
• Multi-family: Anticipated to perform even better than in 2023 due to rising interest rates keeping potential home buyers in the rental space longer
• Retail Properties: Expected to remain stable, with neighborhood and strip centers projected to grow while malls continue to decline
• Industrial Properties: Expected to grow by 5% again over 2023

Find more insights and resources mentioned in this episode:

• Inspecting Multi-family: Inspecting Multi-family: https://ccpia.org/ins​​pecting-multifamily-properties/
• Organizing a Multi-family Inspection Report: https://ccpia.org/how-to-organize-a-multi-family-inspection-report/
• Pricing Multi-family Inspections: https://ccpia.org/multi-family-dwelling-inspection-fee-matrix/
• Pro Convention 2024: https://www.nachi.org/convention24/

Sources Used:

• NAR Commercial Real Estate Market Insights: https://www.nar.realtor/commercial-real-estate-market-insights/december-2023-commercial-real-estate-market-insights
• NAR Metro Market Report: NAR Metro Market Report: https://www.nar.realtor/research-and-statistics/research-reports/commercial-real-estate-metro-market-reports
• NAR Local Market Report: https://www.nar.realtor/research-and-statistics/research-reports/local-market-assessments
• NAR Commercial Economic Outlook: https://www.nar.realtor/presentations/november-2023-commercial-and-economic-outlook
• NAR Commercial Market Outlook: https://www.nar.realtor/presentations/us-cre-capital-markets-update

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