On the whole, the commercial real estate market is undergoing a strong recovery although the recovery is starkly bifurcated across property and geographic markets. On one hand, the multifamily market is experiencing the strongest demand since the 2000's marked by double-digit rent growth. Vacancy rates in multifamily and industrial properties are on average lower now than prior to the pandemic. The retail property market is experiencing positive net absorption. Hotel occupancy rates have also recovered to near pre-pandemic level. On the other hand, the office market continues to experience a decline in occupancy, rising vacancy rates, and lower asking rents on average compared to one year ago.
~Courtney Wilson, NAR Staff