GITNUXREPORT 2026

Commercial Real Estate Statistics

The global commercial real estate market faces pressure from high vacancies and significant refinancing risks ahead.

Written by Elif Demirci·Edited by Leah Kessler·Fact-checked by Nikolas Papadopoulos

Published Feb 13, 2026·Last verified Feb 13, 2026·Next review: Aug 2026

How We Build This Report

Primary Source Collection

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

Editorial Curation

Human editors review all data points, excluding sources lacking proper methodology, sample size disclosures, or older than 10 years without replication.

AI-Powered Verification

Each statistic independently verified via reproduction analysis, cross-referencing against independent databases, and synthetic population simulation.

Human Cross-Check

Final human editorial review of all AI-verified statistics. Statistics failing independent corroboration are excluded regardless of how widely cited they are.

Statistics that could not be independently verified are excluded regardless of how widely cited they are elsewhere.

Our process →

Statistic 1

U.S. industrial vacancy rate was 5.3% in Q1 2024, down from 4.1% peak.

Statistic 2

Average U.S. industrial rent hit $8.50 per sq ft in 2023, up 8% YoY.

Statistic 3

Big box industrial leases averaged 200,000 sq ft in U.S. 2023.

Statistic 4

U.S. industrial absorption reached 400 million sq ft in 2023.

Statistic 5

Inland Empire, CA industrial rents at $1.45 per sq ft monthly in 2023.

Statistic 6

Global logistics take-up grew 5% to 550 million sqm in 2023.

Statistic 7

U.S. industrial construction starts totaled 500 million sq ft in 2023.

Statistic 8

E-commerce drove 60% of U.S. industrial demand in 2023.

Statistic 9

Dallas-Fort Worth industrial vacancy at 6.2% in Q1 2024.

Statistic 10

Small bay industrial space under 10% vacancy in U.S. Sunbelt 2023.

Statistic 11

U.S. industrial rents in Phoenix reached $1.20 per sq ft 2023.

Statistic 12

Global warehouse stock grew 4% to 12 billion sqm 2023.

Statistic 13

U.S. last-mile facilities averaged 50,000 sq ft leases 2023.

Statistic 14

Atlanta industrial vacancy at 5.8% Q1 2024.

Statistic 15

Bulk industrial rent growth 7% in U.S. secondary markets 2023.

Statistic 16

Europe logistics rents up 5% averaging €7 per sqm 2023.

Statistic 17

U.S. industrial build-to-suit deals 30% of leasing 2023.

Statistic 18

Southern CA industrial vacancy 4.9% despite supply 2023.

Statistic 19

Global CRE transaction volume fell 50% to $700 billion in 2023.

Statistic 20

U.S. CRE sales volume was $430 billion in 2023, down 47% YoY.

Statistic 21

Private equity dry powder for CRE reached $300 billion in Q4 2023.

Statistic 22

Debt yields on CRE loans averaged 6.8% in 2023.

Statistic 23

Foreign investment in U.S. CRE dropped to $40 billion in 2023.

Statistic 24

Core CRE funds returned 6.5% in 2023 per NCREIF.

Statistic 25

Value-add CRE strategies outperformed by 200 bps in 2023.

Statistic 26

REIT market cap totaled $1.4 trillion globally in 2023.

Statistic 27

Distressed CRE assets rose 20% to $200 billion in U.S. 2023.

Statistic 28

Logistics assets captured 35% of global CRE investment in 2023.

Statistic 29

U.S. office investment volume down 60% to $50 billion in 2023.

Statistic 30

Multifamily transactions hit $150 billion in U.S. 2023.

Statistic 31

Global REIT dividend yield averaged 4.2% in 2023.

Statistic 32

U.S. CRE CMBS issuance $100 billion in 2023, down 60%.

Statistic 33

Opportunity zone CRE investments totaled $75 billion by 2023.

Statistic 34

In 2023, the global commercial real estate market was valued at $25.6 trillion, representing 35% of all global real estate assets.

Statistic 35

U.S. commercial real estate investment volume reached $564 billion in 2022, down 40% from the 2021 peak.

Statistic 36

Commercial real estate accounts for 12% of global GDP, with Asia-Pacific contributing 45% of transactions.

Statistic 37

The U.S. CRE debt market totals $4.7 trillion, with 28% maturing by 2025 posing refinancing risks.

Statistic 38

In Q4 2023, global CRE cap rates averaged 5.8%, up 50 basis points from prior year.

Statistic 39

CRE in Europe saw €250 billion in investments in 2023, led by logistics at 30% share.

Statistic 40

U.S. CRE vacancy rate stood at 18.2% in 2023, highest since 2010.

Statistic 41

Global CRE development pipeline exceeds 1.2 billion sqm, with China accounting for 40%.

Statistic 42

Institutional investors allocated 11% of portfolios to CRE in 2023, down from 15% in 2019.

Statistic 43

CRE returns averaged 7.2% globally in 2023, lagging equities by 5 percentage points.

Statistic 44

In 2023, U.S. CRE under construction was 1.1 billion sq ft.

Statistic 45

Asia-Pacific CRE investment forecasted at $100 billion for 2024.

Statistic 46

European CRE vacancy averaged 7.5% across sectors in 2023.

Statistic 47

U.S. CRE mortgage originations fell 55% to $250 billion in 2023.

Statistic 48

U.S. multifamily vacancy rate was 6.8% in Q1 2024.

Statistic 49

Average U.S. multifamily rent grew 2.1% YoY to $1,712 in 2023.

Statistic 50

U.S. multifamily starts reached 450,000 units in 2023.

Statistic 51

Sunbelt metros like Austin saw 5% rent growth in 2023.

Statistic 52

Institutional ownership of U.S. apartments at 18% of stock in 2023.

Statistic 53

Completions totaled 400,000 multifamily units in U.S. 2023.

Statistic 54

Luxury multifamily occupancy averaged 94% in top U.S. markets 2023.

Statistic 55

Rent growth slowed to 1% in Northeast U.S. multifamily 2023.

Statistic 56

Build-to-rent homes grew to 100,000 units in U.S. 2023.

Statistic 57

U.S. multifamily cap rates at 5.4% average in 2023.

Statistic 58

Phoenix multifamily rents averaged $1,650 monthly in 2023.

Statistic 59

U.S. multifamily inventory grew 1.5% to 20 million units 2023.

Statistic 60

Atlanta multifamily vacancy 7.5% with 4% rent growth 2023.

Statistic 61

U.S. Class B multifamily rents up 3.5% YoY 2023.

Statistic 62

New supply pressured rents down 1% in 20 U.S. metros 2023.

Statistic 63

Student housing vacancy 5.2% U.S. average 2023.

Statistic 64

U.S. affordable housing shortage at 7 million units 2023.

Statistic 65

Miami multifamily cap rates compressed to 4.8% 2023.

Statistic 66

U.S. senior housing occupancy 87% in 2023.

Statistic 67

U.S. office vacancy rate reached 19.6% in Q1 2024, driven by remote work trends.

Statistic 68

Average U.S. office asking rent was $33.90 per sq ft in 2023, with NYC at $72.00.

Statistic 69

Sublease space in U.S. offices hit 250 million sq ft in 2023, 15% of total vacancy.

Statistic 70

Trophy office buildings in gateway U.S. cities saw 2.5% rent growth in 2023.

Statistic 71

Global office absorption was negative 45 million sqm in 2023, worst on record.

Statistic 72

U.S. Class A office vacancy at 15.8% vs. Class B at 22.4% in Q1 2024.

Statistic 73

London office rents averaged £65 per sq ft in 2023, up 1% YoY.

Statistic 74

U.S. office construction deliveries totaled 100 million sq ft in 2023, 20% under construction.

Statistic 75

Flight to quality drove 70% of U.S. office leasing to Class A in 2023.

Statistic 76

Asia-Pacific office vacancy averaged 12.5% in 2023, with Tokyo at 4.2%.

Statistic 77

Global office stock totals 8.5 billion sqm as of 2023.

Statistic 78

U.S. downtown office vacancy hit 21% in 2023.

Statistic 79

San Francisco office vacancy reached 32% in Q1 2024.

Statistic 80

U.S. flex space office rents averaged $28 per sq ft in 2023.

Statistic 81

Global office rents declined 2% in real terms in 2023.

Statistic 82

Mumbai office vacancy at 15% with rents at $45 per sqm 2023.

Statistic 83

U.S. office lease expirations peak at 300 million sq ft in 2025.

Statistic 84

Medical office vacancy steady at 8.2% in U.S. 2023.

Statistic 85

U.S. suburban office outperformed downtown by 100 bps in 2023.

Statistic 86

Singapore office rents up 5% to S$10.50 per sq ft 2023.

Statistic 87

U.S. retail vacancy rate fell to 5.1% in Q1 2024, lowest since 2020.

Statistic 88

Average U.S. retail asking rent was $23.50 per sq ft in 2023, malls at $40.

Statistic 89

Grocery-anchored centers saw 95% occupancy in U.S. 2023.

Statistic 90

U.S. retail sales grew 4.1% in 2023, boosting strip center performance.

Statistic 91

Net absorption in U.S. shopping centers was 10 million sq ft in 2023.

Statistic 92

Power centers in U.S. had 6.8% vacancy rate in 2023.

Statistic 93

E-commerce share of U.S. retail sales hit 15.2% in 2023.

Statistic 94

U.S. mall redevelopment added 5 million sq ft of mixed-use in 2023.

Statistic 95

Regional malls averaged $500 annual sales per sq ft in top U.S. markets 2023.

Statistic 96

Discount retailers expanded 2.5 million sq ft in U.S. 2023.

Statistic 97

U.S. retail absorption was 15 million sq ft in Q1 2024.

Statistic 98

Street retail rents in NYC Soho averaged $650 per sq ft 2023.

Statistic 99

U.S. outlet centers vacancy at 4.5% in 2023.

Statistic 100

Experiential retail leasing up 25% in U.S. 2023.

Statistic 101

U.S. neighborhood centers rents grew 3.2% YoY 2023.

Statistic 102

Global retail vacancy averaged 9.8% in 2023.

Statistic 103

Simon Property Group portfolio 95% occupied in 2023.

Statistic 104

U.S. high street retail sales per sq ft $1,200 annually 2023.

Statistic 105

Mixed-use retail developments added 3 million sq ft U.S. 2023.

1/105

Sources

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As the commercial real estate world navigates an era of profound shifts—from a global market worth $25.6 trillion and a 12% GDP contribution to the pressure of $4.7 trillion in U.S. debt with 28% maturing by 2025—understanding where the true opportunities and risks lie in 2024 is more critical than ever.

Key Takeaways

In 2023, the global commercial real estate market was valued at $25.6 trillion, representing 35% of all global real estate assets.
U.S. commercial real estate investment volume reached $564 billion in 2022, down 40% from the 2021 peak.
Commercial real estate accounts for 12% of global GDP, with Asia-Pacific contributing 45% of transactions.
U.S. office vacancy rate reached 19.6% in Q1 2024, driven by remote work trends.
Average U.S. office asking rent was $33.90 per sq ft in 2023, with NYC at $72.00.
Sublease space in U.S. offices hit 250 million sq ft in 2023, 15% of total vacancy.
U.S. retail vacancy rate fell to 5.1% in Q1 2024, lowest since 2020.
Average U.S. retail asking rent was $23.50 per sq ft in 2023, malls at $40.
Grocery-anchored centers saw 95% occupancy in U.S. 2023.
U.S. industrial vacancy rate was 5.3% in Q1 2024, down from 4.1% peak.
Average U.S. industrial rent hit $8.50 per sq ft in 2023, up 8% YoY.
Big box industrial leases averaged 200,000 sq ft in U.S. 2023.
U.S. multifamily vacancy rate was 6.8% in Q1 2024.
Average U.S. multifamily rent grew 2.1% YoY to $1,712 in 2023.
U.S. multifamily starts reached 450,000 units in 2023.

The global commercial real estate market faces pressure from high vacancies and significant refinancing risks ahead.

Industrial Sector

1U.S. industrial vacancy rate was 5.3% in Q1 2024, down from 4.1% peak.

Verified

2Average U.S. industrial rent hit $8.50 per sq ft in 2023, up 8% YoY.

Verified

3Big box industrial leases averaged 200,000 sq ft in U.S. 2023.

Verified

4U.S. industrial absorption reached 400 million sq ft in 2023.

Directional

5Inland Empire, CA industrial rents at $1.45 per sq ft monthly in 2023.

Single source

6Global logistics take-up grew 5% to 550 million sqm in 2023.

Verified

7U.S. industrial construction starts totaled 500 million sq ft in 2023.

Verified

8E-commerce drove 60% of U.S. industrial demand in 2023.

Verified

9Dallas-Fort Worth industrial vacancy at 6.2% in Q1 2024.

Directional

10Small bay industrial space under 10% vacancy in U.S. Sunbelt 2023.

Single source

11U.S. industrial rents in Phoenix reached $1.20 per sq ft 2023.

Verified

12Global warehouse stock grew 4% to 12 billion sqm 2023.

Verified

13U.S. last-mile facilities averaged 50,000 sq ft leases 2023.

Verified

14Atlanta industrial vacancy at 5.8% Q1 2024.

Directional

15Bulk industrial rent growth 7% in U.S. secondary markets 2023.

Single source

16Europe logistics rents up 5% averaging €7 per sqm 2023.

Verified

17U.S. industrial build-to-suit deals 30% of leasing 2023.

Verified

18Southern CA industrial vacancy 4.9% despite supply 2023.

Verified

Industrial Sector Interpretation

While the global warehouse boom shows no signs of slowing, the U.S. industrial market is flexing its muscles with soaring rents, voracious demand driven by our insatiable need for next-day delivery, and a construction pipeline scrambling to catch up, leaving landlords grinning and tenants hunting for any available bay door.

Investment Trends

1Global CRE transaction volume fell 50% to $700 billion in 2023.

Verified

2U.S. CRE sales volume was $430 billion in 2023, down 47% YoY.

Verified

3Private equity dry powder for CRE reached $300 billion in Q4 2023.

Verified

4Debt yields on CRE loans averaged 6.8% in 2023.

Directional

5Foreign investment in U.S. CRE dropped to $40 billion in 2023.

Single source

6Core CRE funds returned 6.5% in 2023 per NCREIF.

Verified

7Value-add CRE strategies outperformed by 200 bps in 2023.

Verified

8REIT market cap totaled $1.4 trillion globally in 2023.

Verified

9Distressed CRE assets rose 20% to $200 billion in U.S. 2023.

Directional

10Logistics assets captured 35% of global CRE investment in 2023.

Single source

11U.S. office investment volume down 60% to $50 billion in 2023.

Verified

12Multifamily transactions hit $150 billion in U.S. 2023.

Verified

13Global REIT dividend yield averaged 4.2% in 2023.

Verified

14U.S. CRE CMBS issuance $100 billion in 2023, down 60%.

Directional

15Opportunity zone CRE investments totaled $75 billion by 2023.

Single source

Investment Trends Interpretation

The market's in the penalty box with half its capital sitting idle, eyeing both a mountain of dry powder and a growing pile of distressed assets, as logistics warehouses become the prom king while the office sector gets voted least likely to succeed.

Market Overview

1In 2023, the global commercial real estate market was valued at $25.6 trillion, representing 35% of all global real estate assets.

Verified

2U.S. commercial real estate investment volume reached $564 billion in 2022, down 40% from the 2021 peak.

Verified

3Commercial real estate accounts for 12% of global GDP, with Asia-Pacific contributing 45% of transactions.

Verified

4The U.S. CRE debt market totals $4.7 trillion, with 28% maturing by 2025 posing refinancing risks.

Directional

5In Q4 2023, global CRE cap rates averaged 5.8%, up 50 basis points from prior year.

Single source

6CRE in Europe saw €250 billion in investments in 2023, led by logistics at 30% share.

Verified

7U.S. CRE vacancy rate stood at 18.2% in 2023, highest since 2010.

Verified

8Global CRE development pipeline exceeds 1.2 billion sqm, with China accounting for 40%.

Verified

9Institutional investors allocated 11% of portfolios to CRE in 2023, down from 15% in 2019.

Directional

10CRE returns averaged 7.2% globally in 2023, lagging equities by 5 percentage points.

Single source

11In 2023, U.S. CRE under construction was 1.1 billion sq ft.

Verified

12Asia-Pacific CRE investment forecasted at $100 billion for 2024.

Verified

13European CRE vacancy averaged 7.5% across sectors in 2023.

Verified

14U.S. CRE mortgage originations fell 55% to $250 billion in 2023.

Directional

Market Overview Interpretation

The global commercial real estate market is a monumental, $25.6 trillion juggernaut that currently resembles a patient with a fever, sweating out high vacancies and refinancing headaches while the world anxiously watches its temperature—represented by rising cap rates and plunging investment volumes—for signs of a critical turn.

Multifamily Sector

1U.S. multifamily vacancy rate was 6.8% in Q1 2024.

Verified

2Average U.S. multifamily rent grew 2.1% YoY to $1,712 in 2023.

Verified

3U.S. multifamily starts reached 450,000 units in 2023.

Verified

4Sunbelt metros like Austin saw 5% rent growth in 2023.

Directional

5Institutional ownership of U.S. apartments at 18% of stock in 2023.

Single source

6Completions totaled 400,000 multifamily units in U.S. 2023.

Verified

7Luxury multifamily occupancy averaged 94% in top U.S. markets 2023.

Verified

8Rent growth slowed to 1% in Northeast U.S. multifamily 2023.

Verified

9Build-to-rent homes grew to 100,000 units in U.S. 2023.

Directional

10U.S. multifamily cap rates at 5.4% average in 2023.

Single source

11Phoenix multifamily rents averaged $1,650 monthly in 2023.

Verified

12U.S. multifamily inventory grew 1.5% to 20 million units 2023.

Verified

13Atlanta multifamily vacancy 7.5% with 4% rent growth 2023.

Verified

14U.S. Class B multifamily rents up 3.5% YoY 2023.

Directional

15New supply pressured rents down 1% in 20 U.S. metros 2023.

Single source

16Student housing vacancy 5.2% U.S. average 2023.

Verified

17U.S. affordable housing shortage at 7 million units 2023.

Verified

18Miami multifamily cap rates compressed to 4.8% 2023.

Verified

19U.S. senior housing occupancy 87% in 2023.

Directional

Multifamily Sector Interpretation

While the nation is feverishly building new apartments, with vacancy holding steady and rents still inching upward, the real story is a geographic and class tug-of-war where Sunbelt luxury thrives, affordability vanishes, and your rent check is caught in the middle.

Office Sector

1U.S. office vacancy rate reached 19.6% in Q1 2024, driven by remote work trends.

Verified

2Average U.S. office asking rent was $33.90 per sq ft in 2023, with NYC at $72.00.

Verified

3Sublease space in U.S. offices hit 250 million sq ft in 2023, 15% of total vacancy.

Verified

4Trophy office buildings in gateway U.S. cities saw 2.5% rent growth in 2023.

Directional

5Global office absorption was negative 45 million sqm in 2023, worst on record.

Single source

6U.S. Class A office vacancy at 15.8% vs. Class B at 22.4% in Q1 2024.

Verified

7London office rents averaged £65 per sq ft in 2023, up 1% YoY.

Verified

8U.S. office construction deliveries totaled 100 million sq ft in 2023, 20% under construction.

Verified

9Flight to quality drove 70% of U.S. office leasing to Class A in 2023.

Directional

10Asia-Pacific office vacancy averaged 12.5% in 2023, with Tokyo at 4.2%.

Single source

11Global office stock totals 8.5 billion sqm as of 2023.

Verified

12U.S. downtown office vacancy hit 21% in 2023.

Verified

13San Francisco office vacancy reached 32% in Q1 2024.

Verified

14U.S. flex space office rents averaged $28 per sq ft in 2023.

Directional

15Global office rents declined 2% in real terms in 2023.

Single source

16Mumbai office vacancy at 15% with rents at $45 per sqm 2023.

Verified

17U.S. office lease expirations peak at 300 million sq ft in 2025.

Verified

18Medical office vacancy steady at 8.2% in U.S. 2023.

Verified

19U.S. suburban office outperformed downtown by 100 bps in 2023.

Directional

20Singapore office rents up 5% to S$10.50 per sq ft 2023.

Single source

Office Sector Interpretation

The office market is having an identity crisis, as a relentless flight to quality creates a stark, two-tier reality where trophy buildings are smugly sipping rent growth while vast swaths of B-class space and pandemic-induced sublease shadow inventory sit unwanted, whispering a sobering truth about our new hybrid world.

Retail Sector

1U.S. retail vacancy rate fell to 5.1% in Q1 2024, lowest since 2020.

Verified

2Average U.S. retail asking rent was $23.50 per sq ft in 2023, malls at $40.

Verified

3Grocery-anchored centers saw 95% occupancy in U.S. 2023.

Verified

4U.S. retail sales grew 4.1% in 2023, boosting strip center performance.

Directional

5Net absorption in U.S. shopping centers was 10 million sq ft in 2023.

Single source

6Power centers in U.S. had 6.8% vacancy rate in 2023.

Verified

7E-commerce share of U.S. retail sales hit 15.2% in 2023.

Verified

8U.S. mall redevelopment added 5 million sq ft of mixed-use in 2023.

Verified

9Regional malls averaged $500 annual sales per sq ft in top U.S. markets 2023.

Directional

10Discount retailers expanded 2.5 million sq ft in U.S. 2023.

Single source

11U.S. retail absorption was 15 million sq ft in Q1 2024.

Verified

12Street retail rents in NYC Soho averaged $650 per sq ft 2023.

Verified

13U.S. outlet centers vacancy at 4.5% in 2023.

Verified

14Experiential retail leasing up 25% in U.S. 2023.

Directional

15U.S. neighborhood centers rents grew 3.2% YoY 2023.

Single source

16Global retail vacancy averaged 9.8% in 2023.

Verified

17Simon Property Group portfolio 95% occupied in 2023.

Verified

18U.S. high street retail sales per sq ft $1,200 annually 2023.

Verified

19Mixed-use retail developments added 3 million sq ft U.S. 2023.

Directional

Retail Sector Interpretation

The data proves that while e-commerce is a permanent fixture, the American shopping center is staging a remarkably stubborn and profitable comeback by focusing on essentials, experiences, and places where you can actually try on the pants.