“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS Call me if you want to sell your property and need an estimated value. Direct : 602-759-1209, Prefer cell: 520-975-5207 or email me walterunger@ccim.net. A CLICK HERE TO VIEW ALL MY $ 60 MIL OF LISTINGS .
December 11, 2019 Dees Stribling, Bisnow National
For commercial real estate, a decade is an eon, and that is plenty of time for change in the industry. But with their beginnings in the Great Recession and their consistent, slow growth trajectory, the 2010s have brought some fundamental, lasting changes to commercial real estate. Some sectors have felt it more than others. The multifamily sector has evolved from an also-ran to single-family housing in the minds of Americans to the darling property type of the decade — in demand, but also a market bifurcated like never before into Class-A and everything else. At the beginning of the 2010s, industrial real estate was an ugly duckling. At the end of the decade, last-mile logistics became the booming handmaiden of the nation’s vast online retail market, which has done nothing but expand since the end of the recession, punching a hole in retail real estate in the process.
Undergirding CRE changes during the decade has been the growth in the U.S. economy, which has been the longest period of growth in history, beginning in June 2009 and not over even at the end of 2019. Yet it hasn’t been the most robust recovery in history. Since 2009, the U.S. gross domestic product has grown 25%. That is relatively modest compared to other post-recession periods, such as the GDP growth that began in 1991, which ultimately totaled 42.6%, or the growth after 1982, which totaled 38.1%. “All real estate sectors have benefited from the growth this decade,” CBRE Global Chief Economist Richard Barkham said. “Because growth has been slow, development has been relatively restrained compared to previous cycles. “Rip-roaring growth accelerates animal spirits within the real estate development sector, so normally at this stage, we’d have too much inventory all around,” Barkham said. “We don’t see that. Growth has been at trend or below over that last 10 years, so level of supply is broadly in line with the level of demand.” The Shift To Renting The main exception to the pattern of relatively modest growth has been in the multifamily sector. Multifamily represented only about 9% of the total number of residential units delivered before the recession, according to Marcus & Millichap National Director-National Multi Housing Group John Sebree. Currently, multifamily is closer to 27% of the total, he said. A spike in demand has driven that growth. “In the early part of the decade, households were growing and caught up with multifamily supply,” Sebree said. “Then household growth exceeded new supply coming online.” Despite increased construction, the supply of apartments hasn’t kept up with demand, and occupancies are staying high. The national occupancy rate stood at 95.8% as of the second quarter of 2019, according to RealPage data, up from 95.4% in Q2 2018, and the highest occupancy since 2001. Apartment rents have swelled alongside occupancy — famously (or infamously) so in some markets, but up vigorously in most places. Using 1960 as a base, median U.S. apartment rents were up 53.8% by 2010, adjusted for inflation, according to the Harvard Joint Center for Housing Studies. Only six years later, rents were up 61.2% compared with 1960, and they have continued to rise since then. The Great Recession drove many into rental housing, but multifamily specialists say a more fundamental change during the 2010s has reshaped the sector. “Renting has become mainstream during this decade,” Draper and Kramer President and CEO Todd Bancroft said. “There’s less of a stigma. Feeling at home is now possible in an apartment. Before the recession, that [was] less true. Apartments were where you lived before buying a home. The push for homeownership was more important then.” Draper and Kramer owns about 9,500 apartments, mostly in the Midwest but also in Texas, and is looking to expand its holdings in such growth markets as Phoenix and Denver. The impact of the recession not only kicked people out of the for-sale housing market, it called into question the premise of homeownership as a savings vehicle, even for many of those who could still afford a house, Bancroft said. “There are people who have made the decision that they don’t want to be owners,” Bancroft said. “The investment component of single-family houses has been challenged.”
Read more at: https://www.bisnow.com/national/news/economy/how-the-2010s-changed-cre-forever-part-1-102188?utm_source=outbound_pub_58&utm_campaign=outbound_issue_34489&utm_content=link&utm_medium=email?utm_source=CopyShare&utm_medium=Browser
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial en.wikipedia.org/wiki/CCIM I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS CLICK HERE TO VIEW ALL MY $ 60 MIL OF LISTINGS PLEASE CALL ME – Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net
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Walter Unger CCIM
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Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
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“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ ARE YOU READY TO SELL OR PURCHASE YOUR INDUSTRIAL / OFFICE OR RETAIL BUILDING OR YOUR LAND in Phoenix, Maricopa County and Pinal County, Arizona, please call me. Office: 602-445-4113, Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net. … CLICK HERE TO VIEW ALL MY LISTINGS.
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CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
History of Arizona from 900 BC – 2017 -Timeline.
8 Reasons You Should Invest in Land
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
ARIZONA FACTS – YEAR 1848 TO 2013
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
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2016 Official Arizona Visitors Guide
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
Direct: 602-759-1209
CELL: 520-975-5207
Office: 602-445-4112
Fax: 602-865-7461
CLICK HERE TO VIEW ALL MY LISTINGS
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
Also Call me if you need an estimated value of your Property.
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Direct : 602-759-1209, Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Check out my professional profile and connect with me on LinkedIn.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
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