Real Estate Market Update:
- Increased borrowing rates, rising material prices, and labor shortages have created a challenging environment for developers across real estate sectors. We believe the lack of new construction starts should continue to support rent growth for the next several years.
- While investors’ focus has largely been on the industrial, multifamily, and office sectors, the retail sector has also benefited from a particularly strong fundamental backdrop.
- Retail construction completions of 4.0 million square feet in 4Q24 represented the lowest quarterly number in over 10 years and a 52% drop from one quarter prior.
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