The office sector continues to recover but has yet to reach equilibrium in most U.S. markets. Multi-family is roughly at equilibrium, while the industrial sector has moved to the expansion cycle, featuring rising construction and rental rates. Retail, however, appears to be slightly off its peak, judging from uneven holiday sales. Expect the office, industrial and apartment markets to tighten further in 2006, while the retail market may downshift modestly.
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