Annual State of the Market
CBRE VP Michael Hines sees e-commerce having a tremendous effect on the industrial scene, citing a survey by Forrester Inc. that predicts a 62% increase in consumer spending by 2016.
This is only one of the big trends we'll be touching on at our Philadelphia Industrial Real Estate Summit Dec. 12 at The Rittenhouse. Â He points to six new 1M SF Amazon warehouses in the Eastern US (four of which he arranged sales for) as a sign of the times. Mike, a panelist at our event, will also talk about the "creeping capital" trend, as a lack of product in bull's eye industrial zones like North Jersey means investors are venturing more to underrated sites in South Jersey and Eastern PA.
CRBE held its own annual market forecast Thursday, peering into the state of the market across office, retail, multifamily, and industrial. (Snapped underneath Robert Indiana's famed LOVE sculpture: NAMES.) Of course, it had a lot to work from: The firm's been involved in 2,100 market transactions (including leasing, valuation, and appraisal) over the last nine months in Greater Philadelphia, and it got even busier thanks to its September merger with FAMECO,which filled the erstwhile void in its retail presence. Among the topics panelists touched on were lessons learned during the Great Recovery, the shape technology has had during those years, and the rise of lifestyle centers among both urban and suburban Millennials.