Commercial Real Estate Forecast: Urban Multifamily Properties Will Rebound in 2021
b"Moody\xe2\x80\x99s Analytics today announced new forecasts for commercial real estate (CRE) rents and vacancies covering eight property types and more than 3,000 submarkets across the United States.
- b"Moody\xe2\x80\x99s Analytics today announced new forecasts for commercial real estate (CRE) rents and vacancies covering eight property types and more than 3,000 submarkets across the United States.
- National average effective rents fell a record 3.0% in 2020 and are now forecast to rise by 2.1% in 2021.
- Multifamily markets in dense urban areas such as New York, the Bay Area, and Washington DC were particularly affected by the pandemic but have likely hit their rent low point and begun to recover.
- Vacancy rates are forecast to rise to 19.2% in 2021, surpassing the previous cyclical high of 17.6% in 2010.