Jobs and economic uncertainty were the buzzwords of the morning at the RealShare Apartments 2012 conference, taking place here today. More than 1,700 attendees gathered at the Westin Bonaventure Hotel to hear dozens of industry experts give their thoughts on the state of the multifamily market.
After a brief welcome from Michael Desiato, VP and group publisher of ALM’s Real Estate Media Group, Hessam Nadji took the stage to deliver a special presentation, “Can Apartments Withstand the Economic Headwinds?” the Marcus & Millichap SVP and managing director noted that the organic strength of economy—both corporate and consumer spending—is being held back by political uncertainty. But, he added, the foundation of economy in better shape. The US added 1.8 million jobs between September 2011 and Septeber 2012, though unfortunately the headlines were dominated by the debt and housing crises.
Demand is high and multifamily developers are ready to build, said Nadji, but equity for development is still very cautious and not readily available. “I don't think overbuilding is going to be a problem through 2014,” he said. Homebuying’s making a comeback as well, though he indicated it wouldn’t cause as much pressure on the rental market as it did in the last cycle. “There's enough demand for all types of housing.”
Read more...GlobeSt.com - At RealShare Apartments, Economy Is Focal Point for MF Observers - Daily News Article
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.