Commercial real estate is showing the first signs of cooling in more than a year, disrupted by rising interest rates that are already causing some deals to collapse.
Property sales were $39.4 billion in April, which was down 16% compared with the same month a year ago, according to MSCI Real Assets. The decline followed 13 consecutive months of increases.
Property sales tanked sharply during the early months of the pandemic, when thousands of hotels temporarily closed and furloughed staff, nonessential retail stores closed, and offices emptied out in favor of remote work.
Photo: Harry Gillen/Unsplash
