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Q2 2023 Economic Report
GDP GROWTH • EMPLOYMENT • MONETARY POLICY • GLOBAL ECONOMY GDP GROWTH: TRENDING IN Q2 2023 The Commerce Department said the U.S. economy grew at a 2.4% annual rate in the second quarter, an increase from the 2% gain in Q1, defying both expectations and attempts by the Federal Reserve to slow it down to curb inflation. READ MORE> EMPLOYMENT: TRENDING IN Q2 2023 The unemployment rate remained virtually unchanged even as job growth…
Q2 2023 North America Market Report
INDUSTRIAL OVERVIEW: INDUSTRIAL GROWTH ON TRACK FOR LEAST GAIN IN YEARS In a reversal from the ballooning logistics capacities required during the pandemic, demand for space has slowed across North America. After continuously rebuilding inventories from the fall of 2021 through Q3 last year, many retailers and wholesalers are taking a breather, pausing further inventory accumulation out of caution over the economic outlook. In the U.S., second-quarter net absorption was down 58% year over year,…
Q1 2023 Economic Reports
GDP GROWTH • EMPLOYMENT • MONETARY POLICY • GLOBAL ECONOMY GDP GROWTH: TRENDING IN Q1 2023 The nation’s gross domestic product slowed dramatically in the first quarter, reflecting reduced production of goods and services that rose at a seasonally adjusted 1.1% annual rate in the first three months of the year. Nevertheless, the Q1 data released by the Commerce Department shows that consumers still are spending despite higher prices driven by high inflation, which the…
Q1 2023 North America Market Report
INDUSTRIAL OVERVIEW: SHARP DECLINE HITS FIRST-QUARTER U.S. DEMAND There was a sharp first-quarter decline in U.S. tenant demand for industrial space as wholesalers and retailers reconsider their inventory levels out of caution over the economic outlook. Net absorption in the first quarter totaled 39.4 million SF, a 57% drop from the record set a year ago. Demand for Canadian industrial space in Q1, however, gained nearly 21% year over year. The overall U.S. vacancy rate…
Q1 2023 Boston Office Market Report
OFFICE MARKET OVERVIEW ERIC SOLEM, Managing Principal | President Q1 2023 was a bummer for Boston’s office market. COVID and layoffs teamed up to deliver a one-two punch that knocked the vacancy rate up to 10.5%. Nobody was renting and the rental rates were dropping faster than the temperature is rising. The downtown market got the worst of it, with a whopping 12% vacancy rate, while the suburbs weren’t far behind with 9.5%. And even…