Best Year Ever?
WHETHER IN THE REPORTS WE HAVE READ OR
through the deals we have seen come out of 2017,
the data continue to show that commercial real estate
did incredibly well last year, all things considered.
From politics to employment to technology, there
are many indicators underscoring signs pointing to a
positive outcome and continued profitable ride.
One One just needs to review a handful of the transactions that were
completed last year. Significant deals were done across all ac-tivity segments
from leasing, sales and finance, to developments and mergers & acquisitions,
and in all product types. Check out our “Best of 2017” coverage beginning
on page 22 for a breakdown of many of 2017’s major deals, and the people
behind them. By no means is it a comprehensive list, but it covers most of
what happened last year.
But looking ahead, can 2018 top 2017? That remains to be seen, but
according to a recent US market outlook from CBRE, we should expect continued economic growth and rising employment in 2018, which should benefit
all major asset classes.
According to the report, the next three years will likely see cap rates flat at
best or rising. For the office market, it is expected to grow, but at a slower
pace due to higher completions and the tight labor market’s impact on tenant demand. On the industrial side, demand for high-quality, well located real
estate isn’t expected to wane anytime soon. And while retail certainly has
chang-ing demographics, we will see a reshaped environment in 2018.
So what is the black swan?
Turn to page 41 to get a sense of what some industry participants are
looking out for. In “Best Bets for 2018,” ALM Real Estate Media executive
editor Natalie Dolce gathers insight for mar-ket watchers and crunches the
latest data to find answers to the question of where the smart money is
headed, and why. Some of the answers might surprise you.
Then again, don’t we go through a similar rigmarole every year?
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