The changes in the wider world were echoed by the changes in the commercial real estate market. Multifamily rent growth finally started to slow down, as inflation limited tenants’ ability to pay higher rents. Real estate economists started thinking about the rising risks of a recession and how the industry can safeguard itself against them. Investors adjusted their strategies to deal with rapidly rising interest rates and softening property fundamentals. And throughout the year, we used our galleries to reflect these key industry trends.

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