GITNUXREPORT 2026

Commercial Real Estate Statistics

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

Rajesh Patel

Team Lead & Senior Researcher with over 15 years of experience in market research and data analytics.

First published: Feb 13, 2026

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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.

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

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

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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.

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Atlanta industrial vacancy at 5.8% Q1 2024.

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

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

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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.

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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.

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Global REIT dividend yield averaged 4.2% in 2023.

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

Statistic 33

Opportunity zone CRE investments totaled $75 billion by 2023.

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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.

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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.

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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.

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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

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. industrial absorption reached 400 million sq ft in 2023.
Inland Empire, CA industrial rents at $1.45 per sq ft monthly in 2023.
Global logistics take-up grew 5% to 550 million sqm in 2023.
U.S. industrial construction starts totaled 500 million sq ft in 2023.
E-commerce drove 60% of U.S. industrial demand in 2023.
Dallas-Fort Worth industrial vacancy at 6.2% in Q1 2024.
Small bay industrial space under 10% vacancy in U.S. Sunbelt 2023.
U.S. industrial rents in Phoenix reached $1.20 per sq ft 2023.
Global warehouse stock grew 4% to 12 billion sqm 2023.
U.S. last-mile facilities averaged 50,000 sq ft leases 2023.
Atlanta industrial vacancy at 5.8% Q1 2024.
Bulk industrial rent growth 7% in U.S. secondary markets 2023.
Europe logistics rents up 5% averaging €7 per sqm 2023.
U.S. industrial build-to-suit deals 30% of leasing 2023.
Southern CA industrial vacancy 4.9% despite supply 2023.

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

Global CRE transaction volume fell 50% to $700 billion in 2023.
U.S. CRE sales volume was $430 billion in 2023, down 47% YoY.
Private equity dry powder for CRE reached $300 billion in Q4 2023.
Debt yields on CRE loans averaged 6.8% in 2023.
Foreign investment in U.S. CRE dropped to $40 billion in 2023.
Core CRE funds returned 6.5% in 2023 per NCREIF.
Value-add CRE strategies outperformed by 200 bps in 2023.
REIT market cap totaled $1.4 trillion globally in 2023.
Distressed CRE assets rose 20% to $200 billion in U.S. 2023.
Logistics assets captured 35% of global CRE investment in 2023.
U.S. office investment volume down 60% to $50 billion in 2023.
Multifamily transactions hit $150 billion in U.S. 2023.
Global REIT dividend yield averaged 4.2% in 2023.
U.S. CRE CMBS issuance $100 billion in 2023, down 60%.
Opportunity zone CRE investments totaled $75 billion by 2023.

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

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.
The U.S. CRE debt market totals $4.7 trillion, with 28% maturing by 2025 posing refinancing risks.
In Q4 2023, global CRE cap rates averaged 5.8%, up 50 basis points from prior year.
CRE in Europe saw €250 billion in investments in 2023, led by logistics at 30% share.
U.S. CRE vacancy rate stood at 18.2% in 2023, highest since 2010.
Global CRE development pipeline exceeds 1.2 billion sqm, with China accounting for 40%.
Institutional investors allocated 11% of portfolios to CRE in 2023, down from 15% in 2019.
CRE returns averaged 7.2% globally in 2023, lagging equities by 5 percentage points.
In 2023, U.S. CRE under construction was 1.1 billion sq ft.
Asia-Pacific CRE investment forecasted at $100 billion for 2024.
European CRE vacancy averaged 7.5% across sectors in 2023.
U.S. CRE mortgage originations fell 55% to $250 billion in 2023.

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

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.
Sunbelt metros like Austin saw 5% rent growth in 2023.
Institutional ownership of U.S. apartments at 18% of stock in 2023.
Completions totaled 400,000 multifamily units in U.S. 2023.
Luxury multifamily occupancy averaged 94% in top U.S. markets 2023.
Rent growth slowed to 1% in Northeast U.S. multifamily 2023.
Build-to-rent homes grew to 100,000 units in U.S. 2023.
U.S. multifamily cap rates at 5.4% average in 2023.
Phoenix multifamily rents averaged $1,650 monthly in 2023.
U.S. multifamily inventory grew 1.5% to 20 million units 2023.
Atlanta multifamily vacancy 7.5% with 4% rent growth 2023.
U.S. Class B multifamily rents up 3.5% YoY 2023.
New supply pressured rents down 1% in 20 U.S. metros 2023.
Student housing vacancy 5.2% U.S. average 2023.
U.S. affordable housing shortage at 7 million units 2023.
Miami multifamily cap rates compressed to 4.8% 2023.
U.S. senior housing occupancy 87% in 2023.

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

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.
Trophy office buildings in gateway U.S. cities saw 2.5% rent growth in 2023.
Global office absorption was negative 45 million sqm in 2023, worst on record.
U.S. Class A office vacancy at 15.8% vs. Class B at 22.4% in Q1 2024.
London office rents averaged £65 per sq ft in 2023, up 1% YoY.
U.S. office construction deliveries totaled 100 million sq ft in 2023, 20% under construction.
Flight to quality drove 70% of U.S. office leasing to Class A in 2023.
Asia-Pacific office vacancy averaged 12.5% in 2023, with Tokyo at 4.2%.
Global office stock totals 8.5 billion sqm as of 2023.
U.S. downtown office vacancy hit 21% in 2023.
San Francisco office vacancy reached 32% in Q1 2024.
U.S. flex space office rents averaged $28 per sq ft in 2023.
Global office rents declined 2% in real terms in 2023.
Mumbai office vacancy at 15% with rents at $45 per sqm 2023.
U.S. office lease expirations peak at 300 million sq ft in 2025.
Medical office vacancy steady at 8.2% in U.S. 2023.
U.S. suburban office outperformed downtown by 100 bps in 2023.
Singapore office rents up 5% to S$10.50 per sq ft 2023.

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

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. retail sales grew 4.1% in 2023, boosting strip center performance.
Net absorption in U.S. shopping centers was 10 million sq ft in 2023.
Power centers in U.S. had 6.8% vacancy rate in 2023.
E-commerce share of U.S. retail sales hit 15.2% in 2023.
U.S. mall redevelopment added 5 million sq ft of mixed-use in 2023.
Regional malls averaged $500 annual sales per sq ft in top U.S. markets 2023.
Discount retailers expanded 2.5 million sq ft in U.S. 2023.
U.S. retail absorption was 15 million sq ft in Q1 2024.
Street retail rents in NYC Soho averaged $650 per sq ft 2023.
U.S. outlet centers vacancy at 4.5% in 2023.
Experiential retail leasing up 25% in U.S. 2023.
U.S. neighborhood centers rents grew 3.2% YoY 2023.
Global retail vacancy averaged 9.8% in 2023.
Simon Property Group portfolio 95% occupied in 2023.
U.S. high street retail sales per sq ft $1,200 annually 2023.
Mixed-use retail developments added 3 million sq ft U.S. 2023.

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.