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Commercial real estate in the US is nowhere near bubble territory in the near-term, but investors would be well-served to consider the three- to five-year supply and demand outlook before snapping up assets.

That’s according to John Chang, Senior Vice President and Director of Research Services at Marcus & Millichap.

Consider industrial, an asset class that’s up 22.3% over pre-pandemic levels, with revenues up by 11% and vacancies at a low near 4%. Despite that gap, “investors are purchasing these properties based on rising demand driven by e-commerce and supply chain disruptions,” Chang says. “But even though industrial absorption is at a record level, so is construction, and new development could ultimately bypass demand.”

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