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And there are 44,700 BTR houses currently under construction.
Firm comments on trends discussed during last week's ICSC Annual Conference.
Growing demand for AI chips and global competition fuel unprecedented Capex growth, says JLL.
It also finds that securing loans has become difficult.
The higher rates "could send the market into a deep freeze."
There is a "logjam" in the CRE sales and financing markets.
Meanwhile single-tenant cap rates are expected to continue rising throughout 2023.
The deepest compression was recorded in Newark-Jersey City.
In seven of 10 metro markets, prices rise in the first quarter.
Fast Casual category leaders include Wingstop and Shake Shack.