The Urban Land Institute released its semiannual real estate three-year economic forecast. Things will get worse before they get better, and they take until 2025 to return to normal.
The results are a consensus based on median forecasts from 41 economists and analysts at 37 major real estate organizations who were surveyed between April 10 and April 24, 2023.
CRE transaction volume is expected to drop significantly from 2022 figures, although that was the second-largest on record, so skews the sense of the comparison. In 2022, volume was $730 billion, second only to 2021's $860 billion. The forecasts expected the 2023 figure will land at $425 billion, a 41.8% drop.
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