CBRE global chief economist Richard Barkham said he is convinced a revival is underway in the commercial real estate market and that now is the time for developers and investors to seize the opportunity.
In an article published in CBRE’s Our Take newsletter, Barkham said his travels throughout 2024 revealed a number of positive indicators that support his prediction for 2025. The country is showing signs of recovery as we approach the five-year anniversary of the onset of the pandemic, he said.
People are moving back to downtown areas in US cities following a rapid slump in downtown activity caused by the pandemic, and that is evident in the food and beverage scene. Since 2021, roughly 1.1 million business applications have been filed and more than 160,000 new businesses have been created in the food service and accommodation sector, a large percentage of which are in downtown and urban locations.
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