Although 2013 isn’t a blockbuster year for real estate performance, landlords across an array of commercial property types are gaining pricing control and increased rental income from their assets, according to Jones Lang LaSalle’s First Quarter 2013 Cross Sector Outlook, distributed during the Urban Land Institute’s 2013 Spring Meeting, in San Diego, on May 14th to 17th. The report tracks and compares the relative health of property sectors nationally and by local markets. Keys to the equation for property types other than apartments are construction volumes near 40-year lows and incremental job gains from a handful of growth sectors, including energy and technology.
“The lack of new construction has been a saving grace since the beginning of the recession,” said Jay Koster, Americas president for capital markets at Jones Lang LaSalle. “We’re also seeing accelerated obsolescence among older buildings as tenants upgrade to higher quality and more efficient space, and that is helping to fill marketable properties and drive up rents, even with only slow underlying growth.”
Read more...Outlook: All U.S. Real Estate Sectors to Post Gains in 2013 – Yes, Even Retail | National content from National Real Estate Investor
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