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Sunday, 30th December 2012

Emerging Trends in Real Estate® 2013

Source: PriceWaterhouseCoopers

From Executive Summary:

The enduring low-gear real estate recovery should advance further in 2013: Emerging Trends surveys suggest that modest gains in leasing, rents, and pricing will extend across U.S. markets from coast to coast and improve prospects for all property sectors, including housing, which finally begins to recover. Most developers and investors who seek quick wins will remain frustrated as return expectations continue to ratchet down to more realistic but relatively attractive levels providing income plus some appreciation. In fact, real estate assets will almost certainly continue to outperform fixed-income investments in the ultralow-interest-rate environment induced by the Federal Reserve, as well as offer a familiar refuge from ever-seesawing stock markets.

Systemic global economic turmoil, hobbled credit markets, and government deficits, mean- while, will continue to restrain anxious industry leaders who downplay chances for a faster-tracked upturn amid uncertainty. Investors discouraged about stratospherically priced core properties in gateway markets inevitably will “chase yield,” stepping up activity in secondary markets and acquiring more commodity assets. These players will need to focus prudently on current income–producing investments and avoid the surfeit of properties edging toward obsolescence, especially certain suburban office parks and some half-empty second- or third-tier shopping centers.

Most areas can sustain little if any new commercial construction, given relatively lackluster tenant demand and the generally weak employment outlook. Only the multifamily housing sector continues to offer solid development opportunities, although interviewees grow more concerned about potential overbuilding in markets with low barriers to entry—probably occurring by 2014 or 2015.

+ Direct link to Report (PDF; 4.6 MB)



Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.

A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.

More articles by Adrian Janes »

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