NAR Predicts "Gradual" Growth in 2015
The rebounding job market contributed to the National Association of Realtors' mostly optimistic predictions for next year's real estate market. In the office sector, the organization projected vacancies dipping to 15.6% from 15.7% and rents to edge up 3.3%, an improvement over this year's 2.4% spike. Retail's fortunes should expect slightly more modest gains, with rents expected to rise 2.5% in 2015 and vacancies to decline to 9.5% from 9.7%. The NAR only predicted rising vacancies in the rental apartment sector, but at 4.3% in 4Q15 (compared to 4% now) the number would still make for a landlord's market and a 4.1% uptick in rents.
In general, the "gradual pace" foreseen by the association's chief economist, Lawrence Yun, resembled other cautiously enthusiastic year-end predictions including that of Blackstone's Jon Gray.