The Urban Land Institute cut its forecast for U.S. commercial real estate sales by 12 percent to $748 billion through 2014 because projections for economic growth are “down considerably” from six months ago.
Deals for properties such as office buildings, shopping centers and warehouses probably will be $223 billion this year, $250 billion next year and $275 billion in 2014, according to a ULI survey released today of 39 economists and analysts from real estate investment, advisory and research firms. In a March report, sales were forecast at $250 billion this year, $290 billion next and $312 billion in 2014.
The forecast “is generally less optimistic regarding the economy and the performance of commercial real estate,” the Washington-based institute, which researches land-use and development issues, said in its survey.
Read more...Commercial Property Sales Outlook for U.S. Cut by ULI - Bloomberg
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