Colliers is forecasting the coming of more rental concessions in 2023, according to its recent 2023 Commercial Real Estate Outlook report.
The wave of new development will be completing itself throughout the year in many markets and with the uncertain economic conditions, landlords will offer concessions to lure in new renters or maintain existing occupancies, "which will in turn weigh on NOI growth and values."
Key markets should again be in the Sunbelt, with a reported 400,000 new residents in both Texas and Florida in 2022.
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