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Monthly Statistics | Commercial and Office, October 2023



For the period from September 2022 to September 2023, the commercial real estate market experienced significant fluctuations. The number of transactions reached 307, representing a decrease of 55% compared to the 680 transactions recorded in September 2022. Similarly, the volume of investments decreased by 52% for the same period under study.

In March 2023, the market saw a decline in both investment volume and the number of transactions, while the price per square foot continued to rise. Subsequently, this upward trend was followed by a decrease, aligning with the market velocity curve. From June 2023, this upward trend has been consistent, reaching a price of $203/sq.ft. It is noteworthy that the category with the highest increase is that of multiple tenants, which experienced a significant rise of 41%.

When analyzing all categories of the commercial market, a decrease is observed in both transaction and investment volume, while the price per square foot shows an upward trend. Since September 2022, there has been an average increase of 15% for the price per square foot. This indicates the resilience of real estate values in the context of a market slowdown.



In September 2023, the market recorded a cumulative total of 556 transactions, marking an 80% increase compared to September 2022. However, a slowdown occurred in the market starting from February, impacting the volume of investments. The latter experienced a 31% decrease, dropping from $1.6 billion to $1.1 billion.

During the analyzed period, the price per square foot ranged from $191 to $204. This fluctuation represents a 7% increase. Starting from July 2023, an upward trend is observed in the office market regarding the price per square foot.

Despite a slight increase in the number of transactions observed in the office sector, the market still seems to struggle to regain its dynamism, as evidenced by the overall transaction volume. This trend raises questions about the real recovery of this asset class. It is imperative to closely monitor the market’s evolution in the coming quarters to better assess the impact of these transactions on the sector. This observation will help anticipate potential challenges and opportunities that may arise, providing a clearer vision of the future trajectory of the real estate market.