Top and Bottom Metros 1Q 2023: Northeast Industrial Sector Boosts Returns
The industrial segment drove the metropolitan areas that performed best overall in the first quarter, according to SitusAMC’s Top 3 Bottom 3 Metros report. Overall, commercial real estate (CRE) returns remained negative in 1Q 2023 according to NCREIF, though they improved moderately from the previous quarter’s decline. National industrial returns were also negative in the first quarter, third best among the major property segments after hotel and retail. Explore all of the winning and losing metros in our slideshow below. (Click the bottom link for a full-screen version.)
Our proprietary analysis is based on the weighted average of NCREIF NPI total returns in 116 markets across the main CRE sectors in 1Q 2023, compared to the previous quarter. We analyze only metros that account for at least 2% of the total NPI ending market value (EMV), which represents the top 50 markets, approximately. To learn more about SitusAMC’s research and data offerings, click here.