Your One-Stop Shop For End-Of-Year Recaps And 2024 Predictions
If 2023 is a story of anything, it's one of resilience. As real estate pros braced themselves for a year promising cloudy conditions, silver linings were few and far between. Through it all, Bisnow was there to cover the most important breaking news, deals and happenings across the industry. Before we ring in the new year, catch up on the greatest hits of the year, from the national headlines to local market-defining moves.
Here's your one-stop shop for looking back on 2023: the year of AI, pickleball, interest rate hikes and resilience.
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It’s The End Of 2023. Are We Where Experts Predicted We Would Be?
Last December, Bisnow asked economists and real estate experts to predict what we might see in 2023 — what big trends and milestones were likely to shape the coming 12 months in commercial real estate.
The cards were stacked against them.
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40 CRE Execs Tell Us How 2024 Will Play Out — And What They're Doing To Prepare
Historians will not look back at 2023 as a happy year for commercial real estate.
But that was then and this is now. As the Bisnow newsroom learned in the waning hours of 2023, the industry is more than ready for 2024 — for the challenge of willing it to become a turning point year.
A common refrain has echoed throughout the industry these last few months: “Survive till ’25.”
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On The Horizon For CRE In 2024: All Eyes On Interest Rates, Ailing Office, Multifamily Supply Surge
With several favorable economic indicators boosting the optimism of commercial real estate professionals, the new year is expected to ease some of the strain the industry faced in tumultuous 2023. But with damage done to property and financial markets, as well as major investors, anything resembling a recovery this year is likely to be slow and bumpy.
The picture heading into 2024 is more hopeful than it was just one year ago, with the Federal Reserve’s indication that it could lower interest rates in the coming months after standing still on the rate at its last three meetings. Yields for the 10-year Treasury are on a downward trajectory, and return-to-office mandates have slowly brought hybrid employees back to their workplaces.
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Robot Crabs And Laser Cats: How Data Centers Got Weird In 2023
Between record leasing and the artificial intelligence boom, 2023 was a banner year for data centers. But the past 12 months also produced a wide range of unconventional and bizarre data center stories.
From robotic crabs and AI chatbots with loose lips to a data center brought down by a cat and another data center named New York’s ugliest building, these are some of the most head-turning data center headlines from the past year.
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REITs Eked Out A Gain Year-Over-Year. Here Are The Winners And Losers For 2023
Despite real estate industry headwinds in a time of high interest rates and sluggish deal volumes, REITs as a whole managed a net gain year-over-year. The FTSE Nareit All Equity REITs Index was up 7.2% as of the week of Dec. 18.
But the overall performance of the index masks a complicated year for REITs, which faced varying challenges depending on their focus and structure.
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The 16 Deals And Trends That Defined 2023
Bisnow started off the year with a prediction that “you’re probably going to lose money in 2023,” and, well, much of the commercial real estate industry is probably quite happy to put the year in the rearview mirror. From bank failures and layoffs to foreclosures, interest rate hikes and an awful lot of pickleball, CRE was kept on its toes. At least that recession never hit.
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Bisnow’s 13 Most Popular Stories Of 2023
Little is certain in this world, but one thing always holds true: Bisnow readers can't get enough of Amazon. Take a stroll down memory lane with the 13 most clicked Bisnow stories of the year to see what else grabbed readers' attention in 2023.
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The 8 Largest Boston-Area Office Leases Signed This Year
Boston's office market continued to struggle this year with slow leasing activity and rising vacancy, but the city still landed a series of headline-grabbing deals that have given office players confidence in the market's future.
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DFW Apartment Bubble Deflated In 2023 As Onslaught Of New Units Pushed Supply Ahead Of Demand
After notching a series of wins in the wake of the pandemic, occupancy in Dallas-Fort Worth declined each month in 2023, causing rent growth to falter in the back half of the year. A wave of new units coming online snatched the ball from owners and placed it firmly in the tenants' court, marking a reversal in the power dynamic that has defined the market for the last three years.
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13 Stories That Defined NYC Commercial Real Estate In 2023
When the ball dropped last New Year's Eve in Times Square, many in commercial real estate were hoping that interest rates would follow a similar trajectory.
While that didn’t happen, the chaos wrought by the worst of the pandemic in 2020 and 2021 had subsided by the start of the year. Construction prices began normalizing, and asking rents started steadying across asset classes — albeit at dramatically different levels than before the pandemic.
Even so, this was a year many in the industry would like to forget. Firms from all corners of the industry were dragged on a wild ride through bankruptcies, foreclosures, high-profile scandals and changes for big-name buildings and big-name family firms alike.
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The Good, The Bad, The Glitzy: Chicago’s Biggest Deals Of 2023
Market activity slowed across the board in 2023, with high interest rates and overall difficulty securing financing gumming up the transactional works in Chicago for much of the year.
Despite the slowdown, commercial real estate players made notable deals in 2023. Here is a recap of the biggest transactions in Chicago industrial, office and multifamily this year and a brief takeaway from each.
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'Everything Has Changed': 2023 Brought A Reckoning For Atlanta Commercial Real Estate
There are a few words to describe Atlanta’s commercial real estate scene in 2023: Transitional. Challenging. Sobering.
But perhaps the most representative word for the year that was, above all, defined by the highest interest rates in decades? Purgatory, said RADCO Cos. founder Norm Radow.
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Hope For Equilibrium: Denver CRE Leaders Share Predictions For 2024
2023 was a tumultuous year for commercial real estate in Denver.
High interest rates combined with elevated construction costs caused many developers to pause their projects. Investors also seemed keen to sit on the sidelines and wait for better deals to emerge as transaction volumes across all asset classes declined.
But some experts expect Denver’s fortunes to reverse in 2024 and beyond as the market finds a new sense of equilibrium, according to Matthews Real Estate Services First Vice President David Treadwell.
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Slow Start, Momentum And Hope: Houston Brokers Predict What 2024 Will Bring
After a slow start to the year, brokers across Houston saw deal volume pick up in the latter half. Despite elevated interest rates, difficulty securing capital and a large drop-off in new development, many brokers told Bisnow they expect the end-of-year momentum to carry into 2024.
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LA CRE Pros Eagerly Await 2024, Hope For Lower Interest Rates, Distressed Opportunities
After the year commercial real estate has had, many Los Angeles-area CRE pros are eager to leave 2023 behind.
For industry professionals who spoke with Bisnow, the year on the horizon holds so much potential: 2024 could be the year interest rates will get at least a little bit lower, that national and world political events will calm down, that Downtown LA shakes off negative perceptions and once again becomes a place synonymous with great restaurants and bars.
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After 'Throwaway Year' In 2023, South Florida CRE Leaders Say 2024 Is Comeback Time
Despite an undeniable slowdown in 2023, optimism still permeates Miami's commercial real estate sector — buoyed by the Federal Reserve's recent signaling that rate cuts are on the horizon.
The city has settled into a new normal and is positioned to see continued growth in 2024 despite challenges in office supply, multifamily dynamics and construction costs, nearly a dozen industry insiders told Bisnow in interviews this month.
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The 10 Biggest Baltimore-Area Office Leases In 2023
Office leasing in the Baltimore metro struggled again in 2023, as factors that have impeded the market since the beginning of the pandemic lingered, according to recent research.
Despite the market's struggles, Baltimore still landed a series of big new leases and renewals this year.
