After enduring the slowest year for commercial property sales in over a decade in 2023, the Philadelphia region approaches the new year with cautious optimism. The initial months are expected to witness subdued property sales, but a prospective upturn is on the horizon. This optimism stems from an overall improvement in market sentiment and the stabilization of interest rates.
Furthermore, the increasing availability of comparable sales is anticipated to provide clarity to the evolving valuation landscape as the year unfolds. In 2023, Philadelphia experienced a significant year-over-year decline of 62% in total investment sales volume, amounting to just over $4 billion in annual property sales. This decline was attributed to various factors, including unpredictable interest rates, fluctuating 10-year treasury yields, concerns about a potential recession, and a scarcity of timely comparable sales.
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