Commercial rents up in the fourth quarter
Commercial rents rose 0.8% in the fourth quarter of 2021, following an identical increase (+0.8%) in the third quarter. The increase was shared among all three building types, led by higher rents for industrial buildings and warehouses (+1.0%), followed by retail buildings (+0.9%) and office buildings (+0.5%).
Despite the restrictions quickly put in place amid the spread of the Omicron variant of COVID-19 in the latter half of December, the momentum of economic and employment growth, along with the Christmas holiday effect, contributed to the fourth quarter movement.
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