Presenters at the 24th annual Tarrant County Commercial Real Estate Forecast on Jan. 24 offered a consistent message to the 575 participants who showed up: Fort Worth is doing fine with jobs and the economy, as is Texas. Trends and predictions did differ between sectors, however.
Drew Kile, associate director with Institutional Advisors, a Marcus & Millichap Co. and Cypress Equities and SRS Real Estate Partners CEO Chris Maguire discussed multifamily and retail trends, respectively. The trends shared between these two sectors included higher demand for mixed-use and urban infill assets. Another trend these sectors shared was a tightening of available units and/or space. These were the only trends these two sectors shared in common, however.
One interesting issue introduced by Kile involved actual multifamily starts. "There were more developments announced in 2012, but fewer starts due to increasing construction costs," he says. The example he cited was sobering – at the beginning of 2012, construction costs had increased approximately 5%. "As the year went on," Kile says, "we were seeing 15% increases."
Read more...Value-Add Focus for Multifamily During 2013 - Daily News Article - GlobeSt.com
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