OLYMPIC VALLEY, CA—Last night marked the start of the 4th Annual GlobeSt. Women of Influence Conference, an event honoring the trailblazing women who continue to push the commercial real estate industry forward. Distinguished leaders gathered at a cocktail party in a room where the energy was palatable to foster connections, gain valuable insights, and engage in discussions about the pressing issues currently impacting the CRE landscape and its future.
The conference, held today and tomorrow, aims to shed light on the experiences of women in business today and explore ways in which female CRE leaders can uplift and support each other on their path to success.
During the opening keynote session on Tuesday morning, Rebecca Rockey, the Global Head of Economic Analysis & Forecasting at Cushman & Wakefield, shared her perspective on the US economy and its impact on the CRE sector. Rockey acknowledged the current strength of the labor market, but also warned that it might not accurately reflect future economic conditions.
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Citing signals from the bond markets, she expressed concern over the possibility of a recession, pointing out that certain interest rate sensitive sectors have been contracting for several months.
Rockey also emphasized that the economy's vulnerabilities are becoming apparent, not just in real estate but across various sectors due to mounting debts. CEOs are acknowledging these challenges as well. As we move forward, these indicators are likely to take a firmer hold, with property values expected to reach their lowest point by the end of next year, according to her forecasts.
Discussing the multifamily aspect, Rockey highlighted a period of significant household formation and increased international migration in all markets. However, she cautioned that the demand for multifamily properties is expected to weaken due to an oversupply issue, although it will remain positive in the coming years.
Most retail, she added, is performing at a level that is relatively healthy. "While there are pockets that are challenging, top-tier malls are trending in a positive direction and occupancy at shopping centers is at a record high."
Keep checking back with GlobeSt.com for more coverage from the Women of Influence 2023 event here in Lake Tahoe, CA.
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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.
