For those of you who missed it, Thursday’s 2017 Commercial Real Estate Outlook Conference offered exciting sneak peeks into new, major downtown Fort Myers developments, insightful discussions on the impacts technology and millennials are having on the real estate industry, and a general feeling of optimism toward 2017’s real estate market.
While blogging etiquette won’t allow me to recount all of the intriguing insights offered by the expert presenters, here are a few takeaways:
- On the heels of Donald J. Trump’s Presidential Inauguration, Lawrence Yun, Chief Economist for the National Association of Realtors, forecasted that over the next year there will be almost no reason to worry about another housing market bubble and opined there will be less than a 5% chance of another national recession (according to numerous economic indicators). In addition, Dr. Yun explained that he anticipates a slight rise to our Country’s GDP under the new administration, from a recently “sluggish” average of 2%, to approximately 2.2%.
- The landscape of downtown Fort Myers is about to significantly change over the next few years as Mainsail Lodging and Development puts in a hotel and overhauls the Harborside Event Center, Dwell Florida erects The Place on First – a high-rise luxury condo and retail development on the corner of First Street and Jackson Street, and Fischler Property Company constructs First Street Village – a live, work, and play development on the corner of West First Street and Altamonte Avenue.
- To meet the non-traditional demands of the up and coming millennial workforce, office environments are steadily deemphasizing large individual offices in favor of smaller individual spaces and more, larger collaborative work spaces.
- While emerging technologies are certainly changing the way commercial real estate business is done, inventors haven’t found a way to replace the investor’s desire to make a personal connection with a live, local realtor before signing on the dotted line.
Thank you to all of this year’s speakers for their useful insights into the 2017 real estate market and to Bev Larson, CCIM for producing such a great event. We look forward to Commercial Real Estate Outlook 2018!