Crexi released October trends data showing mixed results. The data came from their own commercial property listings, so it isn’t necessarily representative of broader national trends. But given the company’s size, it should be an interesting view of the markets.
Retail asking prices were down a bit to $276.37 a square foot but were still 6.6% above October 2023 pricing. Asking rate caps have been at 6.51% since March of this year. But selling caps had a reduction, falling six basis points. That still leaves them at 5.34%, “the drop indicates a lessening of retail-related risk assessment.” In leasing, asking and effective rents were up in the month, given increased demand by tenants. Effective rents closed at $19.40 annually per square foot; landlord’s median was $18.37. National retail vacancies were at the same 4.1% that they were in the two previous quarter.
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