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Commercial Real Estate Surges Amid High Rates | Real Estate News
Commercial real estate is roaring back with a record $2.1 billion in sales and 7.3 million square feet traded—up 22% in volume and 28.5% in value year-over-year. Multifamily led the charge, raking in $1.2 billion on 3.4 million sq ft sold—a 55% YoY surge and 166% jump from two years ago, with prices hitting $376/sq ft. Retail saw a 40% volume boost and doubled its activity from 2022, while industrial climbed 71% in space sold. Office, however, cooled slightly with a 10% drop in square footage and 23.4% decline in value. All this amid high borrowing costs and soaring Treasury yields—proving…
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