CoStar released its latest Commercial Repeat Sale Indices (CCRSI) this week analyzing property sales through December 2013, which confirms that the recovery in U.S. commercial real estate markets advanced in 2013 as broad gains in net absorption, rents, sales activity and pricing extended across markets and property types during the year. The CCRSI is based on 1,648 repeat sales in December 2013 and more than 125,000 repeat sales since 1996, and are constructed using a repeat sales methodology. An excerpt from CoStar's summary follows:
The upbeat performance was driven by relatively steady economic growth and job gains of 2.3 million or 1.7% in 2013. During the year, expanding businesses accounted for the highest aggregate net absorption across all four major commercial property types since the recovery began.
The increased demand for space, coupled with continued low construction levels (except for the multifamily property sector, which saw a notable increase in construction), vacancy rates fell across most markets at year-end 2013 from one year earlier, and the national average vacancy rate reached new cyclical lows in both the apartment and industrial sectors over the last year.
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