{"id":1004134676,"date":"2016-01-13T09:06:02","date_gmt":"2016-01-13T17:06:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004134676"},"modified":"2020-05-13T02:25:26","modified_gmt":"2020-05-13T10:25:26","slug":"integra-report-shows-steady-demand-and-growth","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/integra-report-shows-steady-demand-and-growth\/","title":{"rendered":"Integra Report Shows Steady Demand, Growth in CRE"},"content":{"rendered":"
\"Anthony<\/a>

Anthony M. Graziano, senior managing director of Integra Realty Resources, Palm Beach\/Miami<\/p><\/div>\n

By Gail Kalinoski, Contributing Editor<\/p>\n

Increased job creation will have a positive impact on commercial real estate rents, occupancy and values this year\u2014particularly multifamily and office sectors, according to Integra Realty Resources<\/a>\u2019 annual Viewpoint 2016<\/a> re<\/a>port.<\/a><\/p>\n

Other major takeaways in the 54-page report include the strong cross-border investment in the United States real estate market, which helped capitalization rates decline across property types, and the prediction of the medical office building market as a \u201cbreakout investment class in 2016.\u201d<\/p>\n

The report is an annual compendium of real estate valuation, investment, and leasing trends and projections. It provides data, analysis, and forecasts on local and national CRE market conditions for capital markets, office, multifamily, retail, industrial, hospitality, self-storage, senior housing, medical office buildings and auto dealerships.<\/p>\n

The firm, which is the largest independent commercial real estate market research, valuation and consulting firm in North America, is bullish on the U.S. real estate sector for 2016. Apparently so are foreign investors who \u201ccontinue plowing money into U.S. real estate as a safe haven amid global uncertainty,\u201d according to the report. It states that cross-border investment remains robust, noting it is double the levels of 2005.<\/p>\n

Anthony M. Graziano, senior managing director in IRR\u2019s Miami\/Palm Beach office in Florida, told CPE one of the things that surprised him the most in the report was the \u201cdecline in cap rates across the board, which we really didn\u2019t expect.\u201d<\/p>\n

Graziano said they had expected cap rates to \u201cnormalize\u201d in 2015 but the \u201ctremendous amount of foreign capital\u201d that came into the U.S. real estate market helped drive the cap rates down.<\/p>\n

Despite concerns about the Federal Reserve considering more interest rate hikes and uncertainty in global markets like China, the U.S. commercial real estate market is still expected to \u201cmaintain greater than fair share of foreign capital investment allocations throughout the year,\u201d according to the report.<\/p>\n

IRR is predicting the medical office building will have a big year as the uncertainty over impacts from the Affordable Care Act stabilizes, Graziano said.<\/p>\n

\u201cWe are seeing a big appetite for net lease investors and major institutional investors in the medical office space,\u201d particularly for MOB campuses around major hospital systems, he said.<\/p>\n

The report notes that the \u201cMOB investment class is currently benefiting from high occupancy and low cap rates.\u201d Increased asset values \u201cfueled by this combination of factors, in addition to the availability of low interest rate debt capital, are driving investor appetites and strong sales volumes.\u201d The sector saw sales volumes increase 44 percent from 3Q 2014 to $12.3 billion in 2015.<\/p>\n

Another sector IRR projects to have a strong year in 2016 is multifamily, which saw 2015 starts jump 29 percent from 2014 compared to single-family starts that rose 6.7 percent during the same time.<\/p>\n

\u201cIt\u2019s difficult not to be bullish on the U.S. multifamily sector heading into 2016,\u201d the report stated. \u201cFor one thing, strong hiring numbers in 2015 provided significant momentum for the U.S. economy, and especially, demand for multifamily.\u201d<\/p>\n

Vacancy rates hit 14-year lows while absorption increased. Steady demand, particularly from millennials who prefer to rent, should maintain current vacancy levels in most markets. Statistics show 93 percent of U.S. multifamily markets are currently in expansion phase with urban Class A markets showing the most stability. IRR said multifamily transaction volume jumped 19.4 percent year over year in 2015 to $130.7 billion. The top five markets for transactions were Palm Beach and Broward counties in Florida, Minneapolis, St. Louis and San Francisco. The data also showed that 88.7 percent of markets expect values to increase over the next 12 months with the exception of markets affected by oil price drops like Houston.<\/p>\n

Graziano said some of the effects on Houston could be temporary but concerns over CRE impacts, which had been more of a perception problem in 2015, \u201cwill probably become more reality in 2016.\u201d He stressed long-term energy infrastructure projects around the U.S. and local office construction projects are likely to continue.<\/p>\n

U.S. office markets also saw increased demand and investor confidence remains high. Transactional activity was up 16.2 percent year over year through the third quarter of 2015, reaching $145 billion. Regionally, the East had 36.5 percent of the national transactional volume, followed by the West (32.3 percent), South (20.1 percent) and Central (11.2 percent). The IRR report noted Manhattan transactional activity was more than three times Chicago, which had $8.4 billion in activity in 2015. Rounding out the top fire were San Francisco, Los Angeles and Boston.<\/p>\n

The IRR report notes that retail \u201cremains an opportunity investment as recovery in rents and occupancies have been more measured, though steadily improving.\u201d The strong housing growth and improvement in consumer confidence should help retail in 2016, except in markets that rely heavily on international tourists.<\/p>\n

A downturn in inbound international tourism may affect some coastal markets in the hospitality industry, which IRR says faces \u201cthe biggest risks in 2016.\u201d The good news is that it is in the midst of a six-year double-digit bottom line gain and the improving economy has meant more business and leisure travelers. \u201cThe sector demand probably stays the same or improves slightly,\u201d Graziano told CPE.<\/em><\/p>\n

While there may be some concerns for the industrial market globally, in the U.S. the primary logistic distribution hubs are expected to perform well with the increase in retail distribution activity. The transaction volume in the industrial sector increased from $21 billion in 2010 to $48.5 billion in 2014. As of the third quarter of 2015, transaction activity was at $66 billion, a 41.5 percent increase over the same period in 2014. The most active market was Los Angeles, which experienced 84.5 percent growth in transaction activity, followed by Chicago, Dallas, California\u2019s Inland Empire and Northern New Jersey. The report states more than 70 percent of the South and West markets experienced cap rate decreases within the last 12 months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Integra Realty Resources’ 2016 Viewpoint report examines local and national CRE market conditions and what we can expect for the industry this year.<\/p>\n","protected":false},"author":1269,"featured_media":1004134678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21751,21748,21783,23891,21742,21747,21749],"tags":[],"class_list":["post-1004134676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-hotel","category-industrial","category-investment","category-national","category-latest","category-office","category-retail"],"acf":[],"yoast_head":"\nIntegra Report Shows Steady Demand, Growth in CRE - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/integra-report-shows-steady-demand-and-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Integra Report Shows Steady Demand, Growth in CRE\" \/>\n<meta property=\"og:description\" content=\"Integra Realty Resources' 2016 Viewpoint report examines local and national CRE market conditions and what we can expect for the industry this year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/integra-report-shows-steady-demand-and-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-01-13T17:06:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-13T10:25:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Graziano-Small.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"343\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/integra-report-shows-steady-demand-and-growth\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/integra-report-shows-steady-demand-and-growth\\\/\"},\"author\":{\"name\":\"the Editors of Commercial Property Executive\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1b82b91678533ae5d40e3240086a42bb\"},\"headline\":\"Integra Report Shows Steady Demand, Growth in CRE\",\"datePublished\":\"2016-01-13T17:06:02+00:00\",\"dateModified\":\"2020-05-13T10:25:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/integra-report-shows-steady-demand-and-growth\\\/\"},\"wordCount\":58,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/integra-report-shows-steady-demand-and-growth\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/01\\\/Graziano-Small.jpg\",\"articleSection\":[\"Featured\",\"Finance\",\"Hotel\",\"Industrial\",\"Investment\",\"National\",\"News\",\"Office\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/integra-report-shows-steady-demand-and-growth\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/integra-report-shows-steady-demand-and-growth\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/integra-report-shows-steady-demand-and-growth\\\/\",\"name\":\"Integra Report Shows Steady Demand, Growth in CRE - 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