SAN DIEGO—The outlook for multifamily and retail seems to be stable for now, but the outlook for office remains uncertain. So said a panel of experts during a breakout session at the recent Mortgage Bankers Association CREF 2023 conference and expo here in San Diego. Moderated by Victor Calanog, head of Commercial Real Estate Economics at Moody's Analytics CRE, panelists discussed how to generate business in today's current climate with rising rates and decreasing sales activity along with reduced demand across all asset classes.
The consensus among the industry experts was that the capital market outlook for retail and multifamily is good. Panelist Claudia Steeb, Senior Managing Director at JLL Capital Markets, said that retail is improving and is no longer at the bottom of the totem pole. "Office has replaced us," she said. "The pandemic, if it did one thing, cleared out the bad retail."
What has survived, she continued, has done well. "People are starting to look at retail again because their portfolios are full on the multifamily side and they are diversifying. It is still very conservative underwriting. We are in a little bit of a turn-around where people are talking about retail again."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, 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.
