Real Estate Trends 2017
Highlights Real Estate Trends 2017 held in Boise, Idahoon November 14, 2016:
ULI Idaho presented its annual real estate trends and forecast meeting, featuring insights from leading experts both nationally and locally. The event featured a keynote address by C. Andrew Warren, Director, Real Estate Research, PwC on the Emerging Trends in Real Estate® 2017 report—a publication from PwC and ULI, now in its 38th year of publication. Ten major themes are highlighted in the report:
- It is a kinder, gentler, real estate cycle
- Optionality not just for on use, one user, or one user profile is gaining favor.
- Transformation through location choices is benefitting downtown and the bottom line
- The role of the small entrepreneurial developer is on the rise
- Labor scarcity in construction costs
- Housing affordability: local Governments step up
- Gaining entry beyond the velvet rope a challenge in both cities and suburbs
- The connectedness of cities is a boom for efficiency
- Augmented reality is a technology that can benefit real estate
- Blockchain for 21st real estate may change real estate record keeping and financial protocols
The keynote was followed by a panel on the outlook for the region’s real estate, including: Corey Barton, President of CBH Homes (residential); Cameron Gunter, CEO, PEG Development (hospitality); LeAnn Hume, CCIM and CLS, Senior Director, Cushman and Wakefield Pacific (retail); Lew Manglos, Investment Broker, Colliers International (office); Ron Van Auker, Jr., Principal and Co-owner, Van Auker Companies (industrial); and Dave Wali, Executive Vice-president, Gardner Company (investment) moderated by Kâren Sander, Associate, Cushman and Wakefield Pacific.
The Main Take-away from the Panel:
- Locally we are seeing more diversification in housing types.
- Retail growth is in fulfillment centers and high street. Middle of the road retailers are failing.
- Office downtown locations continue to outpace and be more resilient than suburban.
- Hospitality growth is in leisure and independent. Business occupancy as a percentage of total if half of what it was before the recession.
- Industrial demand for suitable land is high. Locally the sector suffers from a lack of institutional investors, lease rates dragging behind costs and transportation.
- Investors locally are in downtown, amenitizied suburban products and senior housing.
A copy of the panel presentation can be viewed:merged-presentation