Northeast

Even the best office classes will take a big hit, investors say.

2024 could mark a turning point – with the possibility in a few years that demand for office space will exceed supply.

According to the State of the Industry panel at the GlobeSt. Multifamily Fall Conference on Monday, there is no one worried about three years from now. Everyone is sort of waiting for that phone call saying that they have hit the bottom so they can jump back in, panelists say.

Q3 2023 office visits remained 3% higher than in Q2 2023 — and the highest this year, according to Placer.ai.

According to a lawsuit filed on behalf of Canvas Property Group, Airbnb continues to allow tenants to list units of a building despite its inclusion on the do-not-register list.

A constraint on supply combined with higher demand can make conditions look better than they are, however.

Overall strong fundamentals and new construction starts also contributing factors, according to Marcus & Millichap.

The chain has about 2,100 stores in 17 states, half as many as it did a decade ago.