Vacancy has increased in the third quarter of 2022 with remote work, downsizing and economic uncertainty still affecting office leasing. As of 9/30/22, vacancy rate in the Harrisburg Market was 9.6%. Notably, vacancy is higher in the Harrisburg West Submarket at 10.9% compared to 8.9% in the Harrisburg East Submarket.

Third quarter 2022 returned another record-setting rent performance in Harrisburg’s industrial market. As of 9/30/22, industrial rents averaged $7.10/SF. Remember, warehouse and distribution centers averaged $5.40/SF just two years ago.

According to a recent Bloomberg article, investment bankers Goldman Sachs outlined a bearish prediction for the UK commercial real estate (CRE) market in the short to mid-term. Goldman states that they are anticipating a drop-off of up to 20% for property values between mid-2022 and the end of 2024.

When it comes to parity, commercial real estate (CRE) still has some ways to go in leveling the playing field for women in our industry. That’s the central message of the latest report from the Commercial Real Estate Women Network (CREW), a national organization with a focus on diversity, equity and inclusion in CRE.

Earlier this year, NAI Global reported on the growing life sciences market, as capital continued to pour into the space despite a general downturn in office. In that article, we noted that the sector was picking up steam across multiple markets, both in the US and further afield.

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As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future.

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In our last commercial real estate (CRE) terms blog, we looked at the way office buildings are classified, according to their status in a particular metro or market. As we noted there, the way office spaces are being used is also changing, particularly as companies incentivize the return to work and adopt hybrid working policies.

In a new move for the recovering hospitality sector, some larger hotels and resorts are adding new entertainment options to their offering, including theme parks, virtual-reality games, and circus performances.