|We were so young. So naive. At last year's J.F. McKinney Economic Forum, surveys were taken on the industry. Last night, at this year's forum at The Peninsula, they looked back: 30% correctly identified the negative 500k to 1m-SF absorption in the CBD, while only 10% said zero buildings over 500k-SF would trade downtown this year. The biggest miss? 73% thought we'd get the Olympics.|
We snapped Masur & Co.'s Richard Figueroa, Durango Real Estate Investments' John Butler, and J.F. McKinney's Mike Watts at the cocktail hour, where J.F. McKinney presented several capital markets forecasters. Richard says his company is focusing on putting capital to work in urban infill hospitality and office projects.
The Wharton School's Joe Gyourko gave us a look into the future of the national real estate markets, saying we've added more than a 250 million SF of office space even with no positive job growth over the last decade. He anticipates retail will suffer over the next few years because it was overbuilt. He's bullish on apartments because he thinks more people will be renting for longer or moving from purchased homes to rented ones. Job growth will start again after consumer spending increases, he adds.