In what is normally consideredprime leasing season, rents declined nationally by .3% month overmonth, with the largest drops in gateway markets that were thefirst to implement pandemic- inspired lockdowns, according to areport released by commercial real estate dataand research company Yardi Matrix.
It was an improvement over April,though, which saw rents decline by .5%.
May has historically been astrong month for rental growth, with 3.5% YoY growth in May 2019and 2.9% in May 2018. The report said not to expect any meaningfulgrowth in the rental market for the next severalmonths.
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Patrick Smith
Patrick Smith, based in New York, covers the business of law, including the ways law firms compete for clients and talent, M&A and corporate work, leadership and marketing innovation. Reach him at [email protected] or on Twitter at @nycpatrickd
