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PwC: U.S. Commercial Real Estate Recovery To Advance
October 21, 2012
By Rob Starr, Content Manager, Big4.com
According to the findings of theEmerging Trends in Real Estate® 2013 report, released recently by PwC US and the Urban Land Institute (ULI), despite a slow real estate recovery track, U.S. property sectors and markets will register better prospects this year over last. Recent job creation should increase absorption and push down vacancy rates in the office, industrial, and retail sectors. Robust demand for apartments should hold up, even as new construction ramps up – and even the housing sector makes progress in most regions.
Mitch Roschelle, partner, U.S. real estate advisory practice leader, PwC comments on the improving picture:
“With the outlook for commercial real estate continuing to improve in 2013, investors are expected to allocate substantial sums of capital to the real estate asset class, according to our survey respondents,” he said. “As yield in bonds and other financial instruments tighten in a still volatile market, commercial real estate’s income producing and total return attributes offer investors potentially attractive risk-adjusted returns.”
Respondents to Emerging Trends cite a number of best investor bets for 2013, including top urban markets outperform the average, bolstered by move-back-in trends and gen-Y appeal. Top core districts in these cities have become too pricey, so look in districts where “hip” residential neighborhoods meet commercial areas.