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1、What a Difference a Year Makes:2023 Commercial Real Estate OutlookU.S.Research Report After a record-setting year in 2021 the office sector aside 2022 was a tale of two half-years featuring more twists and turns than a boardwalk roller coaster.The years first half featured strong investment activity

2、 a continuation of 2021s momentum.Robust demand for goods boosted the industrial and retail sectors but further stressed an already fragile supply chain,causing inflation to surge to 9.1%in June,a four-decade high.In response,the Fed increased interest rates by a cumulative 425 basis points in the r

3、est of 2022,bringing the once white-hot housing market to a standstill and sidelining commercial real estate investors in the last half of the year.While demand for industrial space remained strong,tenant downsizing and the shift to hybrid work began to take hold in the office sector,leaving subleas

4、e availability at a record high of 242.8 million square feet.Multifamily rents grew strongly,particularly earlier in the year,as rising home values priced many would-be buyers out of the single-family market.The retail sector gained momentum as emergency conditions of the pandemic began to subside,a

5、nd other asset classes like data centers,self-storage,and life sciences buildings continued to shine.With the economy projected to tip into a mild recession during the second quarter of this year,2023 will serve as a year of discovery.Multifamily will remain a favored asset,but the unbridled rent gr

6、owth of 2022 will moderate.In the office sector,higher vacancy and reduced space needs will cause distress.The retail sector will be impacted as consumers scale back due to higher borrowing costs,drawn-down savings accounts,and slower job growth.Meanwhile,the industrial sector,after healthy growth d