How Much Longer Can The Record Economic Expansion Last?

The U.S. economy is in its longest economic expansion on record. The unemployment rate fell to a 50-year low of 3.5% in September (Figure 1). Unemployment is a good way of observing the economic cycle. It is not exactly correlated with economic growth, but it gives a good picture of demand conditions and it reflects

Volcker Rules!

During many of my presentations, I ask the audience “who got a home mortgage in the early 1980s?” Several hands invariably go up and the interest rates I have heard range from 10% to 17%. I ask that question both out of a morbid sense of curiosity and for the pleasure of watching smoke come

Robust Industrial Growth Drives Returns for Global Investors

Global trade tensions and slowing manufacturing activity have weighed on global growth this year, but favorable growth in office-using employment and consumer spending continue to drive rent and capital value growth in commercial real estate. In the three major sectors—office, industrial and retail—global average rent and capital value growth slowed year-over-year in Q3 2019. Weakening

The Rise of the Alternatives Class

Specialty sectors including self-storage, data centers, medical office, life sciences facilities, seniors housing and student housing have been particularly enticing to commercial real estate investors over the past six years. The same holds true for the year ahead. Broad interest in alternatives is noted in CBRE’s 2019 Investor Intentions Survey, which found that 40% of

The Roots of Rent Control

The state of Oregon was the first state to adopt state-wide rent control. Senate Bill 608 was signed into law by the governor at the end of February 2019. SB 608 limits rent increases at renewal (but not on vacant units) of properties 15+ years old. After residents have lived in a property for 12+

50 Years Later, Same Bumpy Roads

2020 could be a pivotal year for the U.S. commercial real estate industry, with geopolitical, economic and local regulatory issues in keen focus. As I turn 50 years old next year, I well remember that we’ve driven the same bumpy roads before. I think back to my formative years in the 1970s when big events

Data Takes Center Stage

Thriving technologies such as virtual reality, artificial intelligence, and cloud computing are leading to rapidly increasing global demand

Puppy Dogs, Rainbows and Three Caps

A nation’s overall happiness is not necessarily based on the strength of its economy. Take Japan, for example. Its economy hasn’t grown much in almost 30 years, but it has one of the highest standards of living in the world and, according to a recent study by the CATO Institute, is the third “least miserable”

The Future of Housing

The NMHC’s annual OpTech Conference, held in Dallas recently, was buzzing with discussions about the latest tech solutions for resident retention, hot trends in operations, and the future of alternatives like short-term rentals. So, what’s does the future for housing and the multifamily industry look like? Smart Home Technologies The exposition hall was well populated

How Large is the U.S. Multifamily Rental Market?

Newly-released Census data provides some clarity to the size of the multifamily rental market and how its size compares to other types of housing in the U.S. Note that vacant units are not included. The Census calculated a total of 17.0 million vacant homes in 2018, including second homes. Multifamily housing of all types (rented