Tag Archives: economic forecast

Economic Forecast

IREM, CCIM announce 9th annual CRE Economic Forecast

IREM and CCIM will present the 9th annual commercial real estate Economic Forecast at the Tempe Center of the Performing Arts on Thursday, Jan. 15, 2015. IREM and CCIM will begin the program by honoring Jerry Colangelo, who will be recognized as the Person of the Year by the organizations.

The panel discussion will be moderated by Peter Bolton of Newmark, Grubb, Knight, Frank. Each panel member will discuss their area of expertise as it relates to the current commercial real estate environment and then predict, based on the metrics of the commercial real estate business, achievements by year’s end.

The program will begin at 8 a.m. and continue until noon. The program will include;
Jerry Colangelo Program Honor

Multi-Family Panel
o    Cindy Cooke – Colliers International
o    Mark Schilling – MEB
o    Tom Lewis – Alliance

Office Panel
o    Jim Fijan – CBRE
o    Chris Toci – Cushman & Wakefield
o    Matt Mooney – Parkway Properties

Retail Panel
o    Judi Butterworth – Velocity Retail
o    Greg Laing – Phoenix Commercial Advisors
o    Pat McGinley – Vestar

Industrial Panel
o    Stein Koss – Lee & Associates
o    Tony Lydon – JLL
o    Mark Singerman – Rockefeller Group

The Tempe Center of the Arts is located at 700 W Rio Salado Parkway, Tempe, Ariz., and more information on the 2015 IREM/CCIM Economic forecast can be found here.

economic forecast - Dr. Lawrence Yun

Real Estate Economic Forecast Looks Optimistic

Dr. Lawrence Yun, chief economist and vice president of research for the National Association of Realtors, addressed a crowd of approximately 200 people at the Economic Forecast Breakfast held by the Scottsdale Area Association of Realtors.

“We are coming out of it,” said Dr. Yun of the current economic condition. “The worst is clearly behind us. The question becomes whether or not it will be a fast, moderate or slow recovery.”

During his presentation, he compared real estate trends throughout the country with highlights of the Phoenix and Scottsdale areas. The Phoenix area, he said, has increasingly less foreclosures and a higher volume of home sales.  Home sales will continue to increase by 6% over the next couple years due to a projected steady job growth of 4%.

“It is the Best Affordability Condition Index, an index NAR created, which takes into account home value, income and mortgage rates. Right now we are at the greatest high of affordability from at least the past 40 years, since this index was created,” said Dr. Yun.

Statistics during the presentation were provided from “Homeownership Matters,” the 2012 Public Awareness Campaign for the National Association of Realtors. This campaign states that every home purchased pumps $60,000 into the local economy.  For every two homes sold, one job is created and home ownership accounts for over $2 trillion of the U.S. GDP.

For more on the economic forecast from National Association of Realtors, visit National Association of Realtors’ website at www.realtor.org.