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2022 Year-End Market Report

Highlights:

• Commercial sales generated record volume for the second consecutive year; however, higher interest rates will slow sales momentum in 2023.

• Apartment sales brought record-high dollar volume and record-low cap rates, though greater pricing friction due to interest rates is expected this year.

• Offices offered for sublease doubled as tech tenants adapt to remote work. Traditional office vacancy is more stable, and achieved rents are as high as ever.

• Retail rents continue to appreciate as vacancy tightens everywhere except State Street. Local restaurants and retailers are driving the market.

• Robust industrial leasing activity brought vacancy to 1.7% and generated record consideration of $52 million, while pushing rents to new highs.





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