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OUR TOP FIVE LOCAL AND NATIONAL NEWS STORIES

SCARCITY OF INVESTMENT-GRADE PROPERTY SALES CUTS INTO PRICES

Costar


Repeat-sales transaction activity fell to $11.2 billion in December, a 2.5% decline from the prior month’s volume and the lowest volume since March 2021. Sales of $192.7 billion in the 12 months

ended in December was 8.5% lower than the year ended in December 2021.

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MORE INDUSTRIAL SUPPLY IS COMING BUT IT STILL WON'T MEET DEMAND

Globe St.


In the 118 markets covered by CommercialEdge, more than 450 million square feet were delivered last year and 713 million square feet are under construction. An additional 698.4 million square feet are currently in the planning stage of development. But “despite historic levels of new supply, it was not enough to keep up with demand,” analysts note, adding that the average vacancy rate for the top 30 markets fell steadily throughout the year and now sits at 3.9%.

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OFFICE SECTOR TO CONTINUE SHIFTING IN 2023

Commercial Search


The office sector’s future remains uncertain nearly three years after the pandemic disrupted the industry. Although some companies became more aggressive about bringing employees back into the office, others have fully embraced hybrid and remote work practices.

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CONSUMERS SEND MIXED SIGNALS, MORTGAGE RATE DROPS, CONSTRUCTION EMPLOYMENT RISES

Costar


Analysts are closely watching consumers for signs of whether the U.S. is indeed heading for a much-predicted recession in 2023, and January’s signals have been decidedly mixed. The latest Commerce Department numbers showed consumer spending fell 0.2% from the prior month in December, while January’s final consumer sentiment numbers from the University of Michigan showed confidence this month, posting a significant boost from December tallies.

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NEW WAGE GROWTH WILL INFLUENCE FED'S INTEREST RATE DECISIONS

Globe St.


As many are waiting to see what the Federal Open Market Committee of the Federal Reserve has decided about interest rates, their eyes should be on employment costs. Those are one way of discussing wage growth, and that figure is seriously on the Fed’s mind.

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ABOUT LEE & ASSOCIATES

At Lee & Associates, our reach is international but our expertise is local market implementation. With offices across the nation and Vancouver, Canada, Lee & Associates is one of the largest and fastest growing commercial real estate organizations in North America. 


Founded in 1979, our experience and expertise offers extensive local market knowledge, seasoned agents, industry leading technology, and a commitment to achieving our clients long-term real estate goals and successes. Lee & Associates understands real estate and accountability, and provides an integrated approach to leasing, operational efficiencies, capital markets, property management, valuation, disposition, development, research, and consulting.


Commercial Real Estate Questions? 

Please Contact:


Steve Malley

smalley@lee-associates.com

858.453.9990

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