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The number of transactions has slid by 46% YoY, and the total square feet occupied is down by 49%.
NIC reported a "significant slowdown" in construction requests in Q1.
Asking rents are only $16 below the record high set in August 2022.
The total worth of U.S. homes hit a record $46.8 trillion in June.
Right now, though, high interest rates and tightening lending standards are still taking a toll.
The financial necessities are out of reach of many, with no recovery in sight.
With a vacancy rate hovering around the low fives, lease rates will climb albeit more slowly.
Colliers writes that lower cost and greater convenience are key benefits for all.
The first-half, YoY numbers are near long-term averages, and are led mostly by $20 million-plus deals.
Renters also find apartments to be an entry into preferred neighborhoods where they couldn't afford to buy.