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Top and Bottom Metros 4Q 2023: Florida Dominates Tough Quarter

All of the markets in SitusAMC’s Top 3 Bottom 3 Metros report experienced negative returns in 4Q 2023, so our analysis became an exercise in finding the best in a bad quarter and the worst among the weak. Our proprietary analysis is based on the weighted average of NCREIF NPI total returns across the main commercial real estate (CRE) sectors in 4Q 2023, compared to the previous quarter. We analyze the top 30 metros based on total NPI ending market value (EMV). 

National CRE performance tumbled in fourth quarter, with NCREIF NPI overall CRE returns down 170 bps quarter over quarter (QoQ). It was the worst quarter for CRE since 4Q 2022 and one of the worst since the GFC. One-year trailing returns were -7.9%, also among the worst since the GFC. All major CRE segments had negative returns, but office was the weakest performer at -5.4%.  

Explore all the winning and losing metros in our slideshow below. (Click the link below for a full-screen version.) Learn more about SitusAMC Insights’ research, analytical tools or RERC data products on our website

 

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