It is safe to say that 2023 was not the year we envisaged or hoped for in commercial real estate. This is despite a relatively positive economic backdrop, with inflation following the path of least resistance, bringing the elusive 'soft landing' into focus.

Activity was expected to bottom out around mid-year, but the recovery failed to materialise, as economic resilience gave rise to 'higher-for-longer' interest rates, which extended a period of wait-and-see in real estate capital markets.

As we look ahead to the rest of 2024, we are optimistic that activity will bottom out, with a recovery taking hold in the second half of the year.

At this point, you may have a sense of déjà vu. However, while not wanting to succumb to the ‘this time is different’ syndrome, there are good reasons to believe that this time is different.

>> Read the latest report here

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