New construction’s modest jump means supply is poised to accelerate just as demand begins to slow, with a return to pre-pandemic averages expected in another three to four quarters, Newmark said.
That tapering will roll out gradually, as construction timelines remain stretched due to lingering supply chain, material and labor sourcing issues, according to the report.
Total retailer inventories were 21.5% higher than a year ago, the report noted, even as consumer spending slows and shifts from goods to services. Newmark expects inventory pressure to ease for the remainder of 2022 and into next year.
