
Economic Conditions and Real Estate Capital Markets
2022 was a tough year for the U.S. consumer with inflation soaring, interest rates rising, and the stock market down for the year. Commercial real estate investors did not have an easy time of it either, with write-downs leading to some quarterly negative appreciation in our indexes. In fact, our latest ODCE data point as of this writing in mid-January is the total return for Q4, which registered -5%. This represents the lowest total return since the global financial crisis over a decade ago.