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Year-to-date through April 2021, commercial transactions were 10% below the level one year ago. Commercial real estate prices continue to firm up, but valuations were still broadly down by 5% in April compared to January 2020.
Secondary/tertiary cities and the suburban areas are still outperforming the primary cities. On a year-over-year basis, apartment rents and office rents are still below pre-pandemic levels in San Francisco, Seattle, New York, and Washington DC . However, apartment rents are rising in 95% of metro areas given the tight supply of housing, owned and rented.
E-commerce and the accelerated use of technology during this working-from-home period has been the growth driver for industrial properties and non-core assets like data centers.