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Risky Commercial Real Estate Market Seen in '03

CHICAGO-Industrial properties, including warehouses, as well as assets in the nation's capital are among best bets in a 2003 commercial real estate market fraught with more risk than returns, according to the "Emerging Trends in Real Estate" report by Lend Lease Real Estate Investments, Inc. and PriceWaterhouseCoopers.

By Mark Ruda | Updated on October 22, 2002

CHICAGO-Best bets for an otherwise risky 2003 are warehouses, especially those with high ceilings located in large distribution centers or low-ceiling structures in regional distribution centers, according to a forecast by Lend Lease Real Estate Investments, Inc. and PriceWaterhouseCoopers. The report, based on interviews with more than 170 industry experts, was unveiled Monday at the commercial/multifamily forum held at the annual Mortgage Bankers Association of America convention.

The top 10 markets, according to the “Emerging Trends in Real Estate” report, are Washington, DC; New York, Los Angeles, San Diego, Chicago, Boston, Miami, San Francisco, Seattle and for the first time, Philadelphia.

Although PriceWaterhouseCoopers research group director Peter F. Korpacz rates warehouses as a best bet, those surveyed chose multifamily rental properties as the favored property type, ahead of industrial property and community shopping centers.

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