After a tricky first half of the yr for valuations, significantly amongst specifically serviced properties, the third quarter of 2023 continued apace, in accordance with a brand new report from CRED IQ.
As a reminder, the first half of 2023 was dangerous. CRED iQ reviewed 190 value determinations of main properties throughout all belongings courses to find out the impression of present market circumstances on asset values. Retail and workplace led the declines, with a median 41.2% valuation decline in $10 billion in belongings. Retail was down 57% whereas workplace was on its heels at 48.7%. Different drops had been 41.9% in mixed-use, 22.0% in multifamily, and 21.2% for industrial. The one excellent news in valuation was self-storage, which remained flat with no decline.
