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The COMMERCIAL ECONOMIC ISSUES & TRENDS FORUM featured three nationally renowned economists discussing how activity in the U.S. continues to grow at a moderate pace against a backdrop of global monetary policies designed to stimulate economic growth. Lawrence Yun, Chief Economist at the National Association of REALTORS®, George Ratiu, Director of Quantitative and Commercial Research, and John Worth, Sr. Vice President with NAREIT held a wide-ranging discussion for a packed room. The trio discussed changes in the retail sector due to shifting consumer preferences, the downsizing of office properties to accommodate a growing millennial workforce, the booming industrial sector buoyed by e-commerce and enhanced trade, and strong multi-family performance leading to lower vacancy rates. The ongoing evolution in consumer lifestyles and increasing importance of commercial real estate technology were noted as flashpoints that will lead to changes in the needs of commercial clients. Key takeaways: 1) The U.S. continues as an attractive investment destination for commercial real estate investors; 2) Commercial fundamentals remain on an upward trend, boosted by solid employment gains; 3) While investors have taken a step back over the past year, leading to declining sales volume in large cap markets, small cap markets benefited from increased visibility and capital inflow, as growing local economies and higher investment yields provide diversification to investors.
“It is a privilege to be able to have a detailed conversation with such an intelligent and informative expert as Lawrence Yun, who I talked with after his forum! This is a wonderful thing about the DC Conference, and NAR in general: the people are so approachable and so willing to share their expertise. This was a classic two hours and why we attend these conferences! Lawrence Yun, John Worth, and George Ratiu were equally knowledgeable and entertaining.” --Raphael Barta