Moody’s Ratings released its CRE traffic light analysis — Red-Yellow-Green — for the third quarter of 2024. The overall score was Yellow 62, unchanged from the previous quarter.

The data comes from CBRE Econometric Advisors, sometimes with additional data, and each property gets a score on a 0-to-100 scale. Scores of 0-33 are Red (already under stress, “tenants’ markets”), 34-66 are Yellow (on the cusp of imbalance), and 67-100 are Green (demand outpaces growth in supply; “landlords’ markets”).

Retail over the last five quarters has been at its highest level — Green 86 — since Moody’s started keeping the data series. The vacancy rate has been steady since the second quarter of 2024. Scores were up in 20 markets, down in 33 markets, and unchanged in 16. Upcoming supply growth was 0.3%. The demand forecast was 0.5% and the supply-demand relationship at 0.2%.