2023 U.S. Quarterly Figures

Net-lease investment volume fell by 54% year-over-year in Q3 to $8.5 billion, compared with a 49% drop in total commercial real estate investment volume.

An 0.5% year-over-year decrease in Q3 hotel demand and 0.5% increase in supply led to a 1% drop in occupancy.

The CBRE Lending Momentum Index fell by 3.0% quarter-over-quarter and 47.9% year-overyear in Q3, as acquisition activity remained subdued.

U.S. commercial real estate investment volume fell by 54% year-over-year in Q3 to $82 billion.

Construction completions totaling 168 million sq. ft.—64% of it vacant—pushed up the overall industrial vacancy rate by 50 basis points (bps) to 4.2% in Q3.

Negative net absorption was reduced by more than half quarter-over-quarter in Q3 to 4.0 million sq. ft., as hybrid working arrangements and economic uncertainty continued to lessen demand for office space.

Average multifamily rent growth slowed to just 0.7% year-over-year in Q3, down significantly from the record 15.2% increase in Q1 2022.

Life sciences employment growth has slowed to 1.4% since January—slightly above the 1.0% increase in total U.S. nonfarm payrolls.

Demand for retail space increased in Q3, with net absorption up by 34% quarter-over-quarter.