Last week, with the month of December behind us, we were able to review the YoY changes from the entirety of 2022 compared to 2023. However the average price per square foot in just December 2023 was $1.18, which was a 14.5% decrease YoY compared to the average price per square foot in December 2022, which was $1.38.
This shows that the month of December 2023 actually performed better than many of the other months in 2023 when compared to the rates in 2022. Hopefully, this is a good sign that rates will see a slight uptick into 2024.
*Average price per square foot data based on 10x10CC REIT data within the top 25 markets