According to the 12th District Real Estate Conditions report, multi-housing remains the strongest real estate sector in the District, with the sector in the latter stage of the expansion cycle. Residential real estate has picked up strong momentum with sales and prices increasing across most of the District. Growth in the office and industrial sectors has been constrained by the slow economic recovery, although office markets with high concentrations of tech jobs are doing very well. The retail sector is just now emerging from the trough of the real estate cycle, led by more affluent markets. This report highlights those District MSAs that are excelling and those that are lagging in the various sectors. It incorporates both current market conditions as well as their near-term outlook.