Record 38.8 Million Sq. Ft. in 2023 Across 8 Cities, Reports CBRE

In an unexpected turn, CBRE reports a remarkable surge in demand for illicit spaces, reaching a record-breaking 38.8 million square feet in 2023 across eight major cities. This revelation points to unprecedented market dynamics in the realm of unconventional real estate. The significant uptick in demand for illicit spaces prompts questions about the factors driving such unconventional real estate trends. CBRE's findings shed light on the evolving nature of space utilization and the emergence of unique market forces impacting the demand for spaces often associated with less conventional activities. As stakeholders analyse this unconventional trend, attention will be drawn to the potential socio-economic and cultural factors influencing the demand for illicit spaces. CBRE's report opens up discussions about the adaptability and resilience of the real estate market in response to evolving societal dynamics and changing perceptions of space usage. The surge in demand for illicit spaces, as reported by CBRE, serves as a unique and intriguing aspect of the real estate landscape, challenging traditional norms and prompting a closer examination of the factors driving this unconventional trend across major cities.