Overall asking prices for new CRE assets dropped by 4.71% month-over-month in July, the biggest decline since February.
Occupancy rates across all asset classes rose more than 2% during that same period, continuing a pattern that began late last year, according to Crexi's National Commercial Real Estate Report for July. And those two factors add up to positive signs for the market: "While investors may be lowering or withholding asking prices in response to current market conditions and rising COVID-19 cases last month, tenants continue to capture space at a healthy clip," Crexi analysts note.
At the same time inventory jumped significantly, notching an increase of more than 57%. Notably, that new inventory consisted of smaller overall available square footages and reflected an average property size decline of 13.1% over June numbers.
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