REAL ESTATE TO SEE THREE YEARS OF GROWTH-THROUGH 2017
According to the Urban Land Institute (ULI) Center for Capital Markets and Real Estate, the real estate industry should remain on a course of solid growth for the next three years. The ULI’s Real Estate Consensus Forecast is based on a survey of economists and analysts at the nation’s leading real estate organizations.
The survey found that:
• Net job growth is expected to be 2.9 million per year for the next three years, compared to a long-term average of 1.2 million.
• Low unemployment rates should lead to healthy wage growth.
• Demand for real estate should remain high.
• Issuance of commercial mortgage-backed securities should rise from $115 billion in 2015 to $150 billion in 2017.
• Commercial real estate prices are projected to rise by an average of 7.6 percent per year, implying strong appreciation for all real estate.
Although analysts noted a few areas of concern, such as higher short-term loan rates, William Maher of LaSalle Investment Management in Baltimore says reasons for hope outweigh those for doubt.
“Almost all U.S. real estate participants would be very pleased if the future unfolded as predicted by the ULI consensus forecast,” he said, calling it “almost the perfect combination of strong economic and property market fundamentals.”
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