U.S. commercial real estate still has room to run during 2018, according to industry panelists at the recent REALTORS® Expo & Conference. Continued growth is expected in multi-family residential, office space, industrial space and retail. Here’s a summary of the projections, along with insights from the Jay Nuss Realty Group!
A key takeaway from the conference is that suburban office space demand remains alive and well, despite some corporations moving headquarters to urban locations. Overall, office space demand is predicted to grow about 2.5% nationwide in the upcoming year. Absorption has been relatively brisk during 2017, but new construction and redevelopment will bring more inventory to market during 2018-2019.
The pace of new commercial real estate development will gently slow growth in the multi-family and industrial sectors, though demand remains stable. Economists predict a 3% increase in multi-family rents nationwide during 2018. Industrial space rents are expected to grow by an average of 4% nationwide.
Despite the struggle facing some chain retailers, industry analysts expect steady demand for retail space during 2018, with rents rising an average of 2% nationally.
All real estate is highly localized, and commercial real estate demand in the Boston Metro is likely to exceed the national forecast during 2018. Our diversity of industry, combined with a highly-educated workforce, gives us strategic advantages over other major metros. For the past several years, the Boston Metro area has outperformed most other major markets when it comes to commercial real estate demand!
When you are ready to begin, relocate or expand your business in the Boston Metro, team up with the Jay Nuss Realty Group! Whether you are thinking of buying or leasing Boston Metro commercial real estate, we can help you find the ideal property.
Contact us today for expert guidance!
Jay Nuss Realty Group, LLC
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