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The national commercial real estate market will remain in growth mode in 2016, according to a survey from real estate firm CBRE, and multifamily rules the day for targeted sector.
Nearly two thirds of respondents, 65%, say they will be buyers this year, up from 60% in the 2015 survey, and 81% say they intend to increase their purchasing activity over last year.
Multifamily projects, at 28%, edged out the industrial sector, last year's favorite, for most attractive property type, states the report. The office sector is second for 2016, at 24%, and industrial is third, at 23%. Retail is at 17%, up slightly from 2015.
The report also produced some fluctuation in the top five most attractive places for acquisitions. Los Angeles moved from fourth place in 2015 to first place this year, pushing San Francisco from the top spot to fourth place. Toronto is fifth on the list, while Dallas/Fort Worth and New York City tied for second place.
“We expect investment in U.S. real estate will increase in the year ahead, driven by the relative strength and stability of the U.S. economy and good property fundamentals,” CBRE President of Institutional Properties/Capital Markets Brian McAuliffe says in a statement.
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