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Posted: December 31, 2024
2024 Year in Review: Harry Delany, RM Friedland
Associate Broker
RM Friedland
What noteworthy transactions or deals from this year best exemplified key market trends or shifts?
The number of closed transactions in 2024 started slow but gained momentum mid-year. While transaction volumes remain below active market levels, listings are increasing as year-end approaches. The private investor market seems to be picking up a bit of steam: Investment activity is beginning to become more active, after a couple of years of depressed transaction volume. Many of the transactions were closed all cash, due to the high mortgage interest rates, which have not shifted with the Fed rate cuts.
What emerging trends will drive investment and development in 2025?
The real estate market is poised for an upturn in 2025. The market, however, is still in recovery. Investors with cash are seeking realistic prices, recognizing longer timelines for profits. Some consider selling at lower returns to explore alternative investments or asset types. While interest rate cuts haven’t yet significantly reduced mortgage rates, they hint at long-term recovery. In the office market, leasing activity is rising in quality buildings with strong amenities, while older properties still sit with high vacancies, awaiting large tenants or conversions.
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