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Industry Voices: Spring 2024

Intro Text
The Counselors of Real Estate (CRE) released their list of the 2023-2024 Top Ten Issues Affecting Commercial Real Estate®.

If you were to choose one of these issues that you feel is most important impacting your specialty, which would it be and why?

My Specialty is multifamily and for me, it was a toss-up between number 3, Hybrid Work and the Great Decentralization: A Correction Towards Resiliency, and number 7, The Great Housing Imbalance. Ultimately, both affect resident demand for apartments. Hybrid work is moving the residents further from where they work, which creates challenges in determining where to invest, and the housing imbalance has been exacerbated by affordability and causing even more residents to double up so they can afford the rent. Both situations can greatly affect rental demand.


Mobile, AL


As a result of geopolitical risk with China and global shipping lane disruptions, manufacturers are choosing Mexico as a near-shoring opportunity for the United States consumer market. Last-mile inventory is driving the demand for warehouse space along the I-35 corridor in Central Texas.


Austin/San Antonio, TX


The CRE article nails it. The top two concerns for the commercial real estate industry, including retail real estate, are 1. Inflation, and 2. High Interest Rates. For the most part, the other problems that fall under these top two (3 through 10) are the result of or are exacerbated by high inflation and high interest rates


Tucson, AZ


Since 2010, Lee County has seen significant changes in employment levels influenced by several factors, including the aftermath of the economic recession in 2008 and the impact of the COVID-19 pandemic. The county had a labor force of approximately 242,000 in 2010, with an unemployment rate of 12.7% that peaked at the height of the housing crisis and took nearly ten years to recover. The county went on to experience consistent job growth over the next decade, with employment levels reaching 330,000 in 2020 right before the pandemic hit. At the time, no one knew what the full effect of the pandemic shutdowns would be on the workforce, but in the three years since, Lee County has added another 40,000 jobs and expanded the employment landscape to new record levels. During 2022, Lee County increased its labor force by 17,000 which is a surprising 4.5% increase that remains consistent with population growth.


Fort Myers, FL

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