U.S. Quarterly Figures

The U.S. industrial market recorded solid leasing activity, a small increase in overall vacancy and modestly positive net absorption in Q1.

Medical outpatient building (MOB) investment volume rose by 12% quarter-over-quarter in Q4 to $2.8 billion, bringing the annual total to $9.4 billion.

Net-lease investment volume increased by 19% quarter-over-quarter and 57% year-over-year in Q4 to $13.7 billion.

Commercial real estate investment volume increased by 24% year-over-year in Q4 to $121 billion. For the year, volume was up by 8% to $392 billion.

The overall hotel occupancy rate increased by 1.1% year-over-year in Q4 as demand growth of 2.1% outpaced supply growth of 1.0%.

Despite net absorption of more than 920,000 sq. ft. in Q4, the overall lab/R&D vacancy rate rose by 1.2 percentage points to 19.7% due to 3.4 million sq. ft. of vacant deliveries.

The U.S. office market improved in Q4, with the overall vacancy rate falling by 10 basis points (bps) to 18.9% as net absorption outpaced construction completions for a second consecutive quarter.

The overall retail availability rate remained at 4.7% in Q4 with limited new development.

Renter demand outpaced new deliveries in Q4, lowering the overall multifamily vacancy rate to 4.9%—slightly below its long-run average of 5.0%.