Heidi Learner, head of innovation with Altus Labs, spoke to 800+ NAIOP National Forums members during their annual meeting in Boston about the outlook for the economy.
The Canadian government enacted legislation on Jan. 1, 2023, that disrupted commercial and residential real estate development across the country. The Prohibition on the Purchase of Residential Property by Non-Canadian Act (the “Act”) was originally intended to be a demand-side solution to make housing more affordable for Canadians by prohibiting residential purchases by non-Canadians over the next two years. However, the regulations under the Act, released only a week before enactment, unintentionally halted commercial investment in current and future residential and mixed-use projects in major metro areas.
With all signs pointing to an economic recession – presumably arriving midyear or Q3 – how can the commercial real estate community best plan for this event, which asset classes will be particularly hard hit, and what silver linings and opportunities will be available to savvy investors and progressive companies? Offering their insights and perspectives on this topic are Anirban Basu, chairman and CEO of Sage Policy Group and Jennifer LeFurgy, Ph.D., vice president of knowledge and research for NAIOP.
“Technology is going to be among the most important things that impacts the industrial sector,” began Rebecca Rockey, economist and global head of economic analysis and forecasting at Cushman & Wakefield, at I.CON West’s keynote session this week in Long Beach, California. “The industrial sector stands to be the first industry to experience that adaptation as the nature of our economy and demographics change.”
Marcus & Millichap President and CEO Hessam Nadji set the stage for an in-depth conversation on the market’s uncertainty and where the economy and commercial real estate are headed, featuring Mark Zandi, chief economist with Moody’s Analytics, and panelists Wendy Mann, CEO of CREW Network; Tom McGee, CEO of ICSC; and Marc Selvitelli, president and CEO of NAIOP.
Painting a picture of the current global economic climate is a complex venture, but Reva Goujon, director at Rhodium Group, leveraged her vast geopolitical expertise to do so at NAIOP’s Chapter Leadership and Legislative Retreat this week in Washington, D.C.
The spectacle put on by the new Republican majority in the House of Representatives in trying to choose a speaker this week clearly shows that nothing will be a sure thing in this Congress. Of course, we will continue advocating for the interests of the commercial real estate industry no matter what the political terrain may be in Congress.
