The 25th edition of CCIM’s 2018 Forecast Competition showcased a variety of leading commercial brokers as they presented their outlook on Houston’s commercial real estate market including office, industrial, retail, land and multi-family sectors. Economist Dr. Mark Dotzour noted the area’s strong employment picture and said interest rates would most likely rise but inflation speculation was low.
Brokers commented on the strong industrial sector, as more e-commerce firms and retailers build large facilities. Other than office, sectors including retail, multi-family and land are evolving and holding their own while facing increased construction and insurance costs along with new building requirements, compliments of Harvey. The large amount of sublease space continues to affect Houston’s office market, and much of that will convert to direct space in the next 18 to 24 months. Overall, many brokers presented positive forecasts for Houston’s commercial real estate market.
Winners 2017 CCIM Forecast Competition:
Multi-Family: Ryan Epstein, Senior Managing Director, Berkadia
Land: Davis Adams, Managing Director, HFF
Industrial: Rob Stillwell, CCIM, SIOR, Senior Managing Director, Newmark Knight Frank
Office: Rich Pancioli, CCIM, Executive Vice President, CBRE
Retail: Jason Baker, CCIM, Principal, Baker Katz