At Colliers, we understand the importance of interconnected data, macroeconomic trends, and anecdotes in real estate decisions. With that in mind, here are 10 numbers that have recently caught our attention.
- The Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers declined by 0.1% in December, marking the first decline since May 2020.
- Both the S&P CoreLogic Case-Shiller Home Price Index and multifamily rents reported by RealPage have shown declines in recent months.
- INRIX recently released its Global Traffic Scorecard. In it, Chicago, Boston, New York City, and Philadelphia ranked in the top 10 for the highest delay times by city. London ranked first overall. It is worth noting major Asian cities were not studied.
- CNBC reported that U.S. auto sales were down 8%-9% in 2022, with an estimated 13.7 million to 13.9 million vehicles sold, the lowest total since 2011.
- Apartment List, RealPage, and others report declining household formation, causing multifamily rental demand to slow. The U.S. Census Bureau reported an increase in households through September.
- The Port of New York and New Jersey handled more TEU volume than either Los Angeles or Long Beach in the final months of 2022, with shippers diverting traffic to other ports for fear of an ILWU strike.
- Florida and Texas led the U.S. in net migration in 2022, per the U.S. Census Bureau. Outside of migration, Florida would have lost population as deaths outpace births.
- Headlines suggest that underperforming office be converted to residential to ease the U.S. housing crisis. Gensler notes that roughly 3 out of 10 buildings are viable candidates.
- Commercial mortgages outstanding increased to $5.52 trillion in Q3, according to data from Trepp and the Federal Reserve. Multifamily loans account for more than $2 trillion of that total.
- Preqin reported $233.9 billion of capital targeting North American real estate at year end 2022, off slightly from the record $245.6 billion in 2021.
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