Even though the U.S. hotel industry registered record-breaking performance levels during 2019, RevPAR growth was the lowest since the current cycle began in 2010.
With the exception of retail, the UCLA/Allen Matkins survey for each market predicts 2022 will be as good as or better than 2019, with panelists optimistic about industrial and multifamily projects, and neutral about office product.
"Many investors are counting on demand for apartments to remain relatively consistent even if the economy weakens due to demographic and social trends."
"I think in the first half of the year capital will rush to put money to work ahead of the election and before the Fed changes its mind on interest rates."
Dallas has long been a business-friendly location and infrastructure hub in the center of the country, and Texas maintains strong data center incentives with sales tax exemptions available on large builds of more than $200 million.
The New Jersey office market experienced a 120-basis point drop in the vacancy rate, going from 14.3% in the fourth quarter of 2018 to 13.1% at the end of the fourth quarter of 2019, according to a report released by Avison Young.