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2022 was supposed to be a year of real improvement, when the pandemic finally was shaken off and the world returned to normal.
And for a bit, it seemed like it might be. Travel came back in force, office usage started creeping up, and demand for industrial and multifamily seemed insatiable.
Then inflation hit its highest level in 40 years, the U.S. Federal Reserve and the Bank of England started rapidly raising interest rates, and quickly the conversation changed from recovery to recession.
The normally optimistic property industry has felt decidedly gloomy in December, and predictions for 2023 are less rosy than usual. But before we turn the page on the year and see what awaits us in 2023, Bisnow looked back at the good, bad and ugly storylines that defined 2022.
— Catie Dixon, Managing Editor