This week, the MBA Newslink published the Urban Land Institute in Washington, D.C.,’s findings from a survey of real estate economists. Overall, the consensus is that the recession caused by the pandemic will be short-lived and we may see an above-average GDP growth in 2021-2022. Some good news!
Overall, the ULI Semi-Annual Real Estate Economic Forecast survey of 43 economists and analysts at 37 real estate organizations said the recovery is likely to start next year and remain even more positive into 2022. Their survey results were overall positive in regards to the commercial real estate sector, siting that market conditions and values have held up better than expected.
While there have been many unknowns when it has come to the pandemic and how the market and real estate would respond, the deeper we get into the pandemic, signs are showing that the worst fears of some economists will not be realized. While certain sectors of commercial real estate have been affected differently, such as retail/office space, others remain increasingly strong with values holding. Interest rates continue to play a factor in this positive outlook.
For the full MBA Newslink brief, please visit: https://newslink.mba.org/cmf-newslinks/2020/november/mba-commercial-multifamily-newslink-nov-12-2020/uli-forecast-sees-potential-rebound-in-2021-2022/
UES Consulting Services, Inc., is a nationwide environmental consulting firm, specializing in Phase I ESAs, Phase II Subsurface Investigations and remediation, along with Property Condition Assessments (PCAs).