The National Association of Realtors recently held its first-ever Commercial Real Estate Forecast Summit to provide an outlook on the changing commercial real estate market. It featured a panel of leading economists, who discussed the pandemic’s impact on the multifamily, office, retail and industrial sectors.
During the Summit, NAR identified the top 10 commercial real estate markets for 2021, based on 25 different economic indicators. The markets, in alphabetical order, are: Austin, Cape Coral, Fla., Charleston, Las Vegas, Nashville, Phoenix, Raleigh, Salt Lake City, Seattle and Tucson. NAR Chief Economist Lawrence Yun noted that these markets, expected to outperform the rest of the nation, are generally affordable and able to draw both new residents and businesses. Yun predicted that the U.S. economy will continue to improve in 2021 and said he expects the CRE market to follow.
Gay Cororaton, NAR's senior economist and director of housing and commercial research, expects the multifamily, industrial and retail sectors to drive the commercial real estate recovery this year, but said it may take longer for office occupancies to reach pre-pandemic levels.
To view NAR’s Top 10 report, click here. For more information, use the contact information below