US Commercial Property
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US Commercial Property

US Commercial Property Data Response

US Commercial Property Data Response

US Metro Employment (Oct.)

The easing of the Delta wave of infections in the South boosted leisure & hospitality hiring in October. Meanwhile, office-based jobs rose in all 30 metros, following widespread declines in September. That left office-based employment above its pre-COVID level in 17 metros.

2 December 2021

US Commercial Property Data Response

Commercial Property Lending (Oct.)

Outstanding real estate debt increased for the fifth consecutive month in October, driven by positive net lending in both residential and commercial real estate (CRE) sectors. We think that this reflects the rapid rebound in investment activity and an easing in credit conditions.

12 November 2021

US Commercial Property Data Response

US Metro Employment (Sep.)

While the 3m/3m growth rate was positive in all metros in September, employment fell in Baltimore, Detroit, Los Angeles and Pittsburgh on the month. That left employment in just Austin, Phoenix and Tampa above its pre-COVID levels, while the shortfalls in the six major metros remained larger than the 30-metro average.

3 November 2021
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US Commercial Property Data Response

RICS Commercial Market Survey (Q3)

Overall sentiment saw little change this quarter, but there was a notable reduction in office occupier demand and three-month rent expectations. The bigger picture is that, with no respondents viewing the market as cheap and other indicators having stabilised, there are signs that quarterly capital growth rates could have peaked.

US Commercial Property Data Response

ULI Consensus Forecast (Fall 2021)

Consensus forecasts for 2021 have been upgraded in all four major sectors on the back of strong investor demand. But tellingly the picture is more varied for 2022-23, where industrial and apartment return expectations have been upgraded, but office and retail expectations are relatively unchanged.

US Commercial Property Data Response

NCREIF Property Index (Q3)

The NCREIF index recorded a huge 5.2% quarterly return in Q3 thanks to further improvement in all sectors. With no sign of any let-up in investment demand, that puts annual returns on course to exceed 15% for the first time since 2007. Meanwhile, with a return of 10.9% q/q, the industrial sector is set for record performance of well over 30% this year, reflecting its status as the darling of the industry.

US Commercial Property Data Response

Commercial Property Lending (Sep.)

Outstanding real estate debt increased for the fourth consecutive month in September, thanks to net lending turning a corner in the residential sector and accelerating in the commercial sector.

15 October 2021

US Commercial Property Data Response

US Metro Employment (Aug.)

Delta variant fears resulted in leisure and hospitality employment falling in 12 of the 30 metros. Of these, Atlanta, Austin, Charlotte and Dallas were the worst hit. Leisure and hospitality employment remains below its pre-virus level in all metros, while office-based jobs have recovered their shortfall in 14.

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