LOS ANGELES—What will the big multifamily surprise be in 2015? “The level of absorption that will be seen,” said Tyler Anderson, vice chairman of CBRE.
“The elephant in the room is the pipeline that is coming…The singlefamily market really hasn't taken off,” Anderson said. “If we look back a year from now, we will be pleased with the level of absorption we will see.”
CBRE's Anderson joined other panelists on the senior brokerage session at RealShare Apartments 2014. More than 1,500 attendees signed up for the two-day event, produced by ALM's Real Estate Media Group, which also publishes Real Estate Forum and GlobeSt.com.
When moderator Stanford Jones, executive director, IPA, a division of Marcus & Millichap, asked panelists about concerns on the macro side that will affect valuation or “stall us out,” panelists said that “there is always a shock to the system and it will come again.”
Cindy Cooke, senior EVP at Colliers International, worries about “conflicts overseas and wars, which will always have an impact.” She also said, “I worry about the overall economy in other countries and how that affects the dollar, and how it affects our lending environment.”
For Dean Zander, senior partner at Berkadia, things like Ebola, data breaches, hacking, and more along those lines are worrisome. “There are always things to think about, but from that comes opportunity.”
When asked where the opportunities are as of now, CBRE's Anderson said “it is in buildings that still need renovations.”
Zander said that one should “buy value-add B and sell core.”
Cooke agreed that value-add space is “an awesome space to be in.”
Moderator Jones added that “when it is hard to believe how good it is, that is the time to take a very close look and be more astute to the specifics.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
