Industry insights, market outlook reports and commercial real estate
news, and trends from the Coldwell
Banker Commercial brand.
The primary contributor to the increasing cost of living for Americans are expenses associated with rent and mortgages, making it important to consider which cities offer the powerful combination of affordability and quality of life in 2023.
As home prices soar, the desire to rent has become increasingly prominent, reflected in a surge in demand for apartments. According to RentCafe, certain cities are experiencing a significant uptick in listing activity and attracting considerable attention from prospective apartment hunters.
The effects of inflation are being felt across the country – especially by those wanting to buy a home. With consumer prices rising, home prices soaring, and rising interest rates, saving money to buy a home and being able to afford one is becoming increasingly challenging.
Renting has bloomed as a preferred option over buying due to soaring home prices and the start of the spring season, leading to a surge in apartment seekers. The CBC team is taking a closer look at which cities are experiencing the most rental activity and capturing the attention of potential renters.
Several downtown areas like Chicago, Cleveland, and Philadelphia have excess office space and insufficient housing to meet growing residential demand. Thus, developers have a solid opportunity to give new life and purpose to an old building with nearby restaurants, retail, and strong employment.
Adaptive reuse apartments have recently become a popular subject of discussion as US office sales continue to sink. Over the past few decades, vacant office buildings have been redeveloped into residential buildings.
As 2022 ends, investors show a marked shift to bearish sentiments on the CRE market's future.
Midyear 2022 shows a continued strong appetite for CRE, with promising activity levels despite challenges, per CBC reports.
CRE pricing sees a silver lining amidst economic uncertainty, reveals Coldwell Banker Commercial.
Multifamily property rent increases are slowing down, suggests new research highlighted by CBC.