Wednesday, August 4, 2021
Following a continued decline into pessimism, retail may be coming back from the bottom of the cycle, according to the latest Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey. The current view is that retail properties will be generating lower returns in 2024 compared to the end of 2021, but it does not mean the absence of solid targeted opportunities. New housing developments, whether they are multi-family or single-family, generally require nearby retail. The booming housing market will continue to generate this demand. Though the Survey responses on the surface suggest a continued decline in new retail property construction, the trend has indicated a possible turnaround and a new cycle beginning before the end of 2024.
While Still Pessimistic, Retail Outlook Begins to Rebound | Allen Matkins
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California office, retail real estate poised for turnaround, survey says - San Francisco Business Times
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[co-author: Jason Parr]
Multi-family market expectations have improved in Silicon Valley, Orange County, and San Diego, while in the other markets surveyed, panelists do not see 2023 as having higher occupancy and rental rates compared to today, according to the latest Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey. Overall, though the pandemic has changed the nature of the demand for apartments both geographically and in their footprint multi-family development is still expected to grow in California as the economy rebounds and housing demand grows again.
Multi-family housing industry leaders, Jason Parr of Cushman & Wakefield and David Blackwell of Allen Matkins, discuss what lies ahead for this sector of the California commercial real estate market.