没有合适的资源?快使用搜索试试~ 我知道了~
2022年商业地产趋势报告(英).pdf
1.该资源内容由用户上传,如若侵权请联系客服进行举报
2.虚拟产品一经售出概不退款(资源遇到问题,请及时私信上传者)
2.虚拟产品一经售出概不退款(资源遇到问题,请及时私信上传者)
版权申诉
0 下载量 14 浏览量
2022-06-20
19:31:25
上传
评论
收藏 13.15MB PDF 举报
温馨提示
试读
23页
2022年商业地产趋势报告(英).pdf
资源推荐
资源详情
资源评论
Authors
Zane Doyle, Phoenix American
Zane Doyle is the Vice President and Chief Strategy Officer for Business
Development at Phoenix American. Before joining Phoenix American, he
served as Vice President of Client Services at Cole Capital and Executive Vice
President of Operations for Everest Financial Advisors.
Ned Montenecourt, Phoenix American
Ned Montenecourt, CRCP, is Senior Vice President and Chief Risk and
Compliance Officer at Phoenix American. Previously, he was the Chief
Compliance Officer for BlackRock’s Distribution and Execution entities. He
has tenure in financial services through executive roles at Bank of America
Merrill Lynch and Deutsche Bank.
Joseph Penner, Founder, Hill Street Realty, HSR Management
Joseph Penner has worked in nearly every facet of the real estate industry, including lending,
investment management, acquisition, ground-up development, value-added re-development and
leasing, land development, asset management and even hands-on onsite property management.
He founded Hill Street Realty and HSR Management Inc. (HSR) in 2001. Together they provide a full
suite of real estate investment and management services focusing on apartments, office, retail,
development and land entitlement. Mr. Penner has served as an executive for many of the real
estate industry’s most noteworthy institutions backed by many of the world’s largest institutional
investors to execute a variety of real estate investment strategies.
James Sprow, Senior Vice President, Research, Blue Vault Partners
James Sprow is an Associate Professor of Business, teaching corporate finance, investments,
managerial accounting, business statistics, international business and entrepreneurship in both
undergraduate and MBA programs for over 20 years. Mr. Sprow was President and owner of a
precision machine parts manufacturing firm, has provided consulting to small businesses, written
courses in finance and economics, and has published articles on finance and investments. He has
taught courses in international finance, international economics, and globalization in Singapore
and Indonesia. Mr. Sprow has a Ph.D. in Finance from Washington State University.
Contributors
The U.S. economy and real estate markets are reopening following the biggest economic shock in U.S. history.
Although Covid-19 cases are subsiding from recent Omicron variant-fueled highs, the outlook is far from certain.
Rental apartments are one of the hottest sectors coming out of the pandemic, marked by surging demand and a
low risk of oversupply. During the pandemic, secondary cities in the South and West have significantly outperformed
the coastal gateway metros in occupancy and rent growth. Doom-and-gloom predictions of an eviction tsunami
appear to have been vastly overstated.
The office market has been hit hard by the pandemic with a dramatic slowdown in new leasing activity and a
torrent of new sublease space coming to market. Many major employers planned to reopen offices in the late summer
and early fall; however, rising case numbers prompted delays. The work-from-home effect will continue to unfold as
70% of large office occupiers plan to reduce their office footprints by 10% to 30% in the next three years.
The pandemic and the sudden shutdown of large swaths of the economy in 2020 caused an explosion in warehouse
demand across the country as spending moved online. While the e-commerce revolution pre-dates the pandemic,
this sudden shift accelerated the trend by 3 to 5 years, virtually overnight.
Performance in the retail property sector varies widely by region, submarket, and retail property subtype.
Secondary cities like Phoenix and Austin have outperformed gateway cities like New York and San Francisco.
Suburban retail properties have tended to outperform main street retail in major cities. The e-commerce revolution,
along with changing shopping habits and shifting consumer preferences, are blurring the line between brick-and-
mortar retail and logistics real estate.
The U.S. hotel sector is fresh off a surprisingly strong peak summer travel season, marked by significant increases
in occupancy and record-high average daily rates. Despite the strong peak season, the hotel market is not out of the
woods yet. With the peak leisure travel season now over and business travel still weak, industry observers expect
performance to continue to soften.
Real estate investment activity is bouncing back with $177 billion in transactions during the latest quarter, an
increase of 151% year-over-year. Total return for core, institutional-quality real estate jumped 5.2%, the largest
quarterly total return since 2005. Environmental, social, and governance (ESG) factors are coming into sharper focus
at all stages of the investment process. Investors have started to move back out on the risk spectrum as low interest
rates and heavy competition in highly liquid markets squeeze cap rates.
P H O E N I X A M E R I C A N M A R C H 2 0 2 2
Executive Summary
P H O E N I X A M E R I C A N M A R C H 2 0 2 2
Introduction
As the fund administrator for non-traded REITs, private
placements, securitizations and a wide variety of real
estate debt and equity funds, Phoenix American has a
unique perspective on the ongoing impact of the Covid-
19 pandemic on commercial real estate (CRE).
Operating at the crossroads of fund managers,
investors, financial advisors and data aggregators, our
vantage point allows us to observe trends and offer
insights into the dynamics of various CRE sectors.
In this report, we look at the state of CRE as the country
emerges from the effects of the Covid-19 pandemic.
Nearly two years after the Covid-19 shutdowns and one
year after the beginning of the vaccine rollout, fund
managers are looking for signs of a post-pandemic
environment. But for commercial real estate, the
signals are decidedly mixed.
With 64% of Americans fully vaccinated, the rate of
increase continues to slow even while the country
emerges from the unprecedented spike in Covid-19
cases from the Omicron variant.
Commercial real estate markets have, in many cases,
been irretrievably altered by the pandemic. Rapidly
changing conditions led tenants, operators and
investors to adapt in ways and at speeds unimaginable
in normal times. New sectors were born, stagnating
sectors plummeted, pre-pandemic trends accelerated.
Sectoral shifts that once appeared temporary are now
integrated into a new equilibrium. This paper looks at
the major commercial property sectors and highlights
the significant shifts within each, including which
could fade as the economy reopens, and which ones are
here to stay. Vaccine hesitancy, mandates and
questions around how long vaccine immunity lasts
cloud the picture further. The atmosphere is having
vastly disparate effects on different CRE sectors. Here,
we examine some of the major trends.
As the outline of an exit from the pandemic crisis starts
to take shape, fund managers are looking at the risks
ahead, the opportunities that have emerged and the
overall prospects of the various CRE sectors through the
Covid-19 era and beyond.
Vaccine hesitancy, mandates and
questions around how long
vaccine immunity lasts are having
vastly disparate effects on
different CRE sectors.
The U.S. economy and real estate markets are now
reopening following the biggest economic shock in U.S.
history. Employment is bouncing back, with new hiring
ramping up over recent months and the unemployment
rate falling. If the current pace of hiring keeps up,
payroll jobs could return to their pre-pandemic peak by
July 2022. The outlook, however, is far from certain.
Covid-19 case numbers in the U.S. are declining from
Omicron-driven highs at the time of this writing, but the
possibility of new variants adds to ongoing uncertainty.
剩余22页未读,继续阅读
资源评论
如此醉123
- 粉丝: 231
- 资源: 9万+
上传资源 快速赚钱
- 我的内容管理 展开
- 我的资源 快来上传第一个资源
- 我的收益 登录查看自己的收益
- 我的积分 登录查看自己的积分
- 我的C币 登录后查看C币余额
- 我的收藏
- 我的下载
- 下载帮助
安全验证
文档复制为VIP权益,开通VIP直接复制
信息提交成功