MBA’s Q3 2023 Commercial/Multifamily DataBook Provides Insights as New Year Begins
Commercial real estate markets are entering the new year relatively stuck. Through the first three quarters of 2023, property sales and mortgage origination volumes are each down 50-plus percent compared to the year prior. Questions about some properties’ fundamentals, about where property values sit, and about where interest rates may go from here have led to many participants sitting on the sidelines—waiting for greater clarity and perhaps more favorable conditions.
As 2024 begins, the year ahead should bring some clarity. For property fundamentals, we should expect to learn more about which properties—particularly in the office market—are more (and less) affected by supply/demand imbalances. Property values should also come into greater focus. And the drop in long-term interest rates in recent months may bring some relief to both cap rates and financing costs, at least in comparison to when 10-year Treasury yields ranged around 5% in October of 2023.
To learn more, download a complimentary copy of the Q3 2023 Commercial/Multifamily Quarterly DataBook via the website.
Dive even deeper with the team’s most recent analysis on the CREF Market Intelligence Blog.
If you have questions regarding commercial/multifamily research from MBA, or would like to participate in one of our surveys, please email.