Development

Difficulties in hiring are also a problem.

The Northeast saw the biggest permitting decrease, followed by the West, then South but the Midwest moved up slightly.

One exception is Charlotte, which is a particularly active market for new development.

Tower, to be East Bay's tallest, "not economically feasible" in market.

$11B total in H1 2023 still outpaces other urban markets.

In the face of depressed deal volumes and higher capital costs, some brokers are finding an opportunity for growth.

Recently passed legislation in California could alleviate some of the challenges in converting retail and office properties into affordable housing and pave the way for other states to enact similar laws.

Almost one-third of apartments now converted represent former offices.