The retail market is performing strongly, with positive absorption in more than half of major markets, while the broader commercial real estate market is relatively stable but facing challenges due to higher interest rates and economic slowdown. Multifamily housing demand is recovering, although new supply remains a concern, while office properties experienced negative absorption, particularly in urban hubs like Los Angeles and Chicago. Industrial space demand saw a decline in the first quarter, breaking a long streak of gains, but long-term outlook remains positive despite this single data point.
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