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  • hughjwade

Halfway into 2024 what are we seeing?


I’ll keep this short.


(As a preface, we only know our experience at Spire Commercial, your mileage may vary, and we welcome other perspectives)


Over the last two weeks, we’ve seen a significant uptick in activity, as defined by showings, calls, new listings, offers, etc.. Is this due to the beautiful sunshine and warmer temperatures or just a coincidence? Prior to mid-June, the Buy-Sell market was pretty slow for the entirety of 2024, with fewer than-expected showings, calls, new listings, offers, etc.


Our leading hypothesis is the cost of money. Folks expected the Fed to lower interest rates in 2024. The US Fed has not made any changes to the 5.33% Federal Funds Rate. Many of the business owners and investors who could tolerate 6-8-10 percent financing did their real estate deals in 2023.


When we talk to our good friends in the banking industry they express they’re busy as ever. I think this is partially a smiling facade but is also true in large part due to a healthy and active multi-family market. A majority of our listings/transactions have involved owner-financing.


We have experienced healthy yet moderate leasing activity this year. Automotive and industrial use Buyers and Tenants continue to struggle to find the inventory they desire. Small, retail, hospitality, and office lease space is still chugging along. “Oil Company / Native Corporation” sized lease space is active as well. The mid-size lease space is somewhat stagnant.


Hugh has been pretty active in his personal portfolio, with acquisitions in the works and properties for sale! As a result, we’re looking for Tenants and Buyers. Give him or me a ring. We’d love to fill you in all about it.


Enjoy the weather! Here’s to a beautiful, fire-free, July!


-Ryan

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