Industry Voices
The Counselors of Real Estate ( CRE ) released their list of the 2023-2024 Top Ten Issues Affecting Commercial Real Estate ®. If you were to choose one of these issues that you feel is most important impacting your specialty , which would it be and why ?
David Monroe , CCIM
MOBILE , ALABAMA
My Specialty is multifamily and for me , it was a toss-up between number 3 , Hybrid Work and the Great Decentralization : A Correction Towards Resiliency , and number 7 , The Great Housing Imbalance .
Ultimately , both affect resident demand for apartments . Hybrid work is moving the residents further from where they work , which creates challenges in determining where to invest , and the housing imbalance has been exacerbated by affordability and causing even more residents to double up so they can afford the rent . Both situations can greatly affect rental demand .
Craig Finfrock , CCIM
TUCSON , AZ
The CRE article nails it . The top two concerns for the commercial real estate industry , including retail real estate , are 1 . Inflation , and 2 . High Interest Rates . For the most part , the other problems that fall under these top two ( 3 through 10 ) are the result of or are exacerbated by high inflation and high interest rates .
Glenn Preuss , CCIM
AUSTIN / SAN ANTONIO , TX
As a result of geopolitical risk with China and global shipping lane disruptions , manufacturers are choosing Mexico as a near-shoring opportunity for the United States consumer market . Last-mile inventory is driving the demand for warehouse space along the I-35 corridor in Central Texas .
Bev Larson , CCIM
FORT MEYERS , FL
Since 2010 , Lee County has seen significant changes in employment levels influenced by several factors , including the aftermath of the economic recession in 2008 and the impact of the COVID-19 pandemic . The county had a labor force of approximately 242,000 in 2010 , with an unemployment rate of 12.7 % that peaked at the height of the housing crisis and took nearly ten years to recover . The county went on to experience consistent job growth over the next decade , with employment levels reaching 330,000 in 2020 right before the pandemic hit . At the time , no one knew what the full effect of the pandemic shutdowns would be on the workforce , but in the three years since , Lee County has added another 40,000 jobs and expanded the employment landscape to new record levels . During 2022 , Lee County increased its labor force by 17,000 which is a surprising 4.5 % increase that remains consistent with population growth .
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