IRVINE,
Calif., July 9, 2024 /PRNewswire/ -- LightBox, a
leading provider of commercial real estate (CRE) information and
technology, released its Monthly CRE Activity Index for June,
reflecting the fourth month in a row of improvement.
The LightBox Monthly CRE Activity Index provides an aggregate
view of the market with information on property listings, due
diligence and valuation activity enabling market participants to
identify inflection points in CRE activity. The June LightBox CRE
Activity Index now stands at 93.9, an uptick over May's 87.2 and
well above December's three-year low water mark of 48.2.
According to the report commentary, the latest improvements in
the CRE Activity Index supports anecdotal evidence that even with
interest rate cuts effectively on hold pending more definitive
inflation data, the CRE market is moving forward slowly and
cautiously.
June 2024 continued to demonstrate
a slow pace of market thaw after the late 2022/early 2023 slowdown.
At the start of 2024, most forecasters anticipated that the Federal
Reserve would have reduced interest rates by now so it's worth
noting that despite any change in monetary policy, slow momentum is
building in commercial property investment, lending, loan
divestitures, and distressed asset deals.
"With every passing month, we're seeing evidence that intrepid
CRE professionals are wading into the waters of dealmaking. While
the market is still below the early 2021 Index baseline, these
recent signs are encouraging as the industry readies itself for the
transfer of assets that typically happens after an economic
downturn," said Manus Clancy, LightBox head of Data Strategy.
The latest LightBox CRE Activity Index suggests that several
tailwinds are fueling continued improvements as assets move into
play, either due to forced transactions or because market players
are willingly putting properties on the selling block as the
bid-ask spread narrows.
"Among the more encouraging signs recently has been the uptick
in big portfolio sales -- the fact that there are multiple bidders
for many distressed office sales, and that property sales are
taking place across all segments of the market. The LightBox team
talked extensively about this on the recent CRE Weekly Digest
podcast—that buyers are no longer waiting for another leg down in
property values. They are putting cash to work, which is a great
sign," Clancy said.
As for what to expect in the near term, the report noted that if
last July is any indication, the July
2024 CRE Activity Index could come in slightly below June
due to a characteristic summer slowdown, but this year is anything
but typical.
Read the full report
About LightBox
At LightBox, we are at the forefront of delivering advanced and
precise solutions for commercial real estate intelligence. Our
dedication to innovation propels real estate professionals forward
by providing them with the essential tools required to navigate
complex decisions, minimize risk, and boost productivity across the
spectrum of real estate operations. LightBox is renowned for its
commitment to promoting excellence and fostering connections in the
industry, serving an extensive clientele of over 30,000 customers.
Our diverse client base spans commercial and government sectors,
including but not limited to brokers, developers, investors,
lenders, insurers, technologists, environmental advisors,
appraisers, and other businesses that depend on geospatial
information. To discover more about how LightBox can illuminate the
path to informed real estate solutions, visit us at:
www.LightBoxRE.com
Media inquiries: media@lightboxRE.com
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SOURCE LightBoxRE