After a record-setting year in 2021 — the office sector aside — 2022 was a tale of two half-years featuring more twists and turns than a boardwalk roller coaster. The year’s first half featured strong investment activity — a continuation of 2021’s momentum. Robust demand for goods boosted the industrial and retail sectors but further stressed an already fragile supply chain, causing inflation to surge to 9.1% in June, a four-decade high. In response, the Fed increased interest rates by a cumulative 425 basis points in the rest of 2022, bringing the once white-hot housing market to a standstill and sidelining commercial real estate investors in the last half of the year.
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