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Published Date 10/30/2023

The real estate state of the state: It’s complicated Sometimes a few hard facts can help you understand the reasons for things — especially for real estate. The problem is that factors affecting residential as well as commercial industries in general are multi-dimensional. While we all want to know when things will improve, no one has yet located that proverbial crystal ball. Realtor Magazine’s Melissa Dittmann Tracey reports on the Counselors of Real Estate (CRE) annual list — a study that surveys 1,000 real estate experts to gauge the emerging issues that could have the most significant impact on all housing sectors, including the commercial market. She begins by saying, “Global unrest, economic uncertainty, and eroding home affordability are among the top issues facing the real estate industry over the next year, according to The Counselors of Real Estate’s annual report.” The top issues affecting real estate over the next year include umbrella issues, such as political unrest and the global economy, the report says. It cites a turbulent economy, a sagging office sector, inflation, slowing GDP growth, high interest rates, bank stress, and rising geopolitical concerns involving Russia, China, and elsewhere. Add to that the pandemic-driven shift to hybrid work. “Employers are recognizing that office space needs to become ‘destination-worthy’ to bring workers back,” says Tracey. “This may even include hosting special events with food trucks that coincide with in-office days or creating patios and outdoor seating to help with employee retention.” Otherwise, it could mean exploring the reuse of obsolete office buildings as conversions into residential units, senior housing, health care facilities, or hotels. Reach out for more details! RealtorMag, TBWS

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