The biannual survey of California commercial real estate professionals projects a three-year ahead outlook, and not surprisingly, the persistence of COVID-19 has dampened spirits, especially when combined with near-term economic headwinds. Nonetheless, the office market optimism in the Bay Area has remained slightly positive, as many experts consider this a temporary situation.
Retail sentiment continues to rebound, aside from the San Francisco and Los Angeles urban centers. Expectations are that a turnaround for retail development throughout the state should begin by 2025, thanks to increased housing demand, Meanwhile, sentiment for the industrial and multifamily sectors have been consistently positive, but slightly less so than the last survey.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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