Commercial real estate brokerage firm Savills expects the commercial real estate market to recover next year.

 

Commercial real estate brokerage firm Savills expects the commercial real estate market to recover next year.  European commercial real estate sales volume dropped 60% in the final quarter of last year.  Savills expects the lack of development supply, the move towards sustainable buildings, and the Chinese economy re-opening to drive the recovery.  The firm's CEO, Mark Ridley, said 2024 should see more favorable conditions for the real estate market activity, and the company is investing in advance of such recovery.  He pointed out that a wide range of possible outcomes characterizes the predictions for the entire year.