Below is a snapshot from our 2023 Q2 Market Update with some commentary about the industry’s current state from the Centennial management team.
Months on Market
From our activity it’s not all bad news. Across all product types, including office, we are seeing transactional activity. In the last few months, we have seen multiple offers on numerous listings. Conversely, the broader market is seeing an increase in time on market due to a property priced at pre-rate hike levels not meeting buyer return requirements.
List to Close Gap
Although the market is dominated by more listings sitting than those that move quickly, there is still promising news. Buyer’s return requirements have moved as rates have increased and collectively (Sellers and Agents) have been reluctant to respond as needed. For owners looking to transact, a bidding war is attainable when structured correctly.
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Industry News
Cap rates are moving up as a result of interest rate hikes, but they are still near historical lows.
Cap Rate Trends by Product Type
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