What Will 2023 Bring for CRE?
As the calendar turns to 2023, what’s ahead for the commercial real estate field? We talked to several NAIOP Distinguished Fellows and Research Foundation Governors to get their forecasts for the next 12 months.
As the calendar turns to 2023, what’s ahead for the commercial real estate field? We talked to several NAIOP Distinguished Fellows and Research Foundation Governors to get their forecasts for the next 12 months.
Although many in the industry had assumed that the office market would stabilize in 2022 – and perhaps even begin to recover pandemic losses – this stabilization did not occur. Rather, wider economic changes; repeated interest rate increases by the Federal Reserve; the further establishment of work-from-home and remote office arrangements; and increasing numbers of office footprint reductions by businesses caused vacancy rates to continue to rise throughout the year, according to the latest CommercialEdge report.
The JLL 2022 Life Sciences Research Outlook and Cluster report reveals the critical trends shaping the industry, and developers should take note of some key takeaways that could inform development strategy in 2023.
“We cannot possibly talk about the overall economy without first discussing inflation,” opened Michael Seiler, DBA, during a NAIOP webinar this week. Seiler and Hany Guirguis, Ph.D., author the NAIOP Office Space Demand Forecast.
With remote work in play, the office needs to provide employees with a value proposition that invites them in. In JLL’s 2022 Future of Work Survey, 77% of companies said that they are investing in quality office space to incentivize employees to work from the office. Our research forecasts a flight to quality over the next three years, calling it “a clarion call for employees to take action” – and companies are willing to pay extra for it.
CommercialEdge’s October office report explains that office starts slumped in gateway markets, but advanced in the Sunbelt.
As much of Chicago’s office market struggles to regain its footing, the booming life sciences and biotech industry is poised
People who usually worked in offices adjusted quickly to hectic home environments and makeshift workspaces during the COVID-19 pandemic. Now,
Converting existing buildings to new uses is a growing trend in commercial real estate. A session during NAIOP’s CRE.Converge 2022
While some economic indicators, including employment numbers, consumer confidence and inflation appear to be trending positively, the commercial real estate