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Photo credit: Courtesy: CBRE
Cbre Econometric Advisors Chief Economist Jeffrey Havsy
US commercial real estate showed strong demand in Q4 across all asset classes, continuing a six-year trend of declining office vacancy and industrial availability, a CBRE report says.
Both office vacancy and industrial availability dropped 20 bps over Q4, 13.2% and 9.4%, respectively, with neither seeing a rise in those numbers over the past 23 quarters.
“Commercial real estate remains in a ‘goldilocks’ state with both demand and supply neither too hot nor too cold,” CBRE chief economist Jeffrey Havsy (pictured) tells Bisnow.
Retail availability dropped 10 bps, to a total of 210 bps below its post-recession peak of 13.3%. Jeff says a slow, stable improvement is "extremely healthy for the sector."
