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2017 Commercial Real Estate Forecast

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2017 Commercial Real Estate Forecast

 
Screen Shot 2017-03-14 at 10.52.46 AMAn amazing future for commercial real estate has been predicted by forecasters for our area with growth in every area and more to come! Some of the major “takeaways” from a recent forecasting meeting for the coming year indicate the following exciting advancements:
We are starting off the 2017 Year in a great position, because 2016 “Exceeded Expectations” in many ways.

  • Vacancy was down to 10.1% in the “Office” market, which is the lowest level since the year 2000.
  • Class A Office Space Reached an historical rate, having crossed the $25 per square foot for the first time.
  • There was a significant increase in speculative development.
  • Suburban markets re-emerged as cost effective options.
  • Rent growth and limited Class A Space drove development activity.
  • There was an increase in average asking rental rate in the “Retail” arena.
  • In the “Retail” arena there has been a significant market disruption due to technology and shifting consumer habits of ordering online!
  • In the “Investment” arena, pricing is strong across all product types, in particular office and multifamily.

In 2017:

  • In the “Office” market conditions will favor Landlords and rental rates will continue to rise, but at a slower pace.
  • In the “Industrial” Market there will be increased speculative construction, and e-commerce growth will drive the need for the development of more modern facilities.
  • Re-purposing of existing buildings as well as e-commerce advancement is changing the way real estate is being used and bringing new uses and new vendors to the area!
  • The Index of Consumer Sentiment is the Highest it has been in Years!  (Faith in the Economy has Returned).
  • In terms of a healthy economy locally speaking:  RDU ranked #7 on the list of “Markets to Watch” for overall Real Estate Prospects in 2017!
  • The Triangle will continue to be a magnet for Investors in 2017, and the availability of capital will support sales.

 

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With these items in mind, it is both a great time as well as a great location for Commercial Real Estate and we are in the perfect growing location for it!  If you have a need in the Raleigh/Durham/Wake Forest area for Commercial Real Estate, please give us a call to let us know how we can help you! We can be reached at 919-336-1700. We look forward to hearing from you soon to find out how we can best be of assistance.

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Keller Williams Preferred Realty, 7920 ACC Blvd, Suite 210, Raleigh, NC

919-336-1700

Peter@KimaCommercial.com

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