The multifamily asset class continued along a growth trajectory last month, while industrial prices dropped significantly, suggesting the market may be correcting as the threat of COVID-19 wanes.
Data from the Crexi National Commercial Real Estate report for May shows that multifamily prices increased 10.52% in May, despite a slight decrease in occupancy.
But for industrial—considered by many to be CRE's COVID-era darling—prices dropped 6.68% over April figures, forcing cap rates up slightly in response. But on the flip side, occupancy rates on industrial properties increased 11.59% over the past six months, and the asking rate per square foot has officially hit its highest levels since before the pandemic.
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