AUTUMN 2007 - MARKET TRENDS
MONEY IS FLOWING IN THE
INVESTMENT PROPERTY MARKETPLACE
3Q REAL ESTATE TRENDS
THE ANDERSON REPORT DECLARES
“A NEAR RECESSION EXPERIENCE”
A record $257 billion in commercial real estate transaction volume has occurred through 2007. In all of 2006, $306.8 billion worth of commercial real estate traded hands, compared with $267.6 billion in 2005. Both surpassed the $150 billion that traded hands in 2004.
“We expect fundamentals to remain basically sound for the commercial sectors,” proudly announced Lawrence Yun, senior economist for the National Association of Realtors. According to NAR’s recent Commercial Real Estate Outlook, the commercial real estate market remains healthy. “The overall office market has been booming, the industrial sector is holding its own, retail is a bit sluggish while apartments are strong with some condo conversions reverting to rental,” he summarized.
Money is flowing in the investment property marketplace. Commercial and multifamily mortgage bankers' loan originations in the first quarter were up 37 percent from a year ago, according to a survey conducted by the Mortgage Bankers Association. The increase in first-quarter commercial/multifamily lending activity was driven by a 64 percent jump in loans for health care properties,
Shulman, senior economist for the quarterly forecast, titled the report "A Near Recession Experience.” He notes
Census Bureau Announces
Most Populous Cities
New York continued to be the nation’s most populous city, with 8.2 million residents. This was more than twice the population of Los Angeles, which ranked second at 3.8 million.
Phoenix moved into fifth place ahead of Philadelphia, the latest evidence of a decades-long population shift. Nearly a century ago, in 1910, each of the 10 most populous cities was within roughly 500 miles of the Canadian border. The 2006 estimates show that seven of the top 10 — and three of the top five — are in states that border Mexico.
Only three of the top 10 from 1910 remained on the list in 2006: New York, Chicago and Philadelphia. Conversely, three of the current top 10 cities (Phoenix; San Jose, Calif.; and San Diego) were not even among the 100 most populous in 1910, while three more (Dallas, Houston and San Antonio) had populations of less than 100,000.
The estimates also reveal that many of the nation’s fastest-growing cities are suburbs. North Las Vegas, Nev., a suburb of Las Vegas, had the nation’s fastest growth rate among large cities (100,000 or more population) between July 1, 2005, and July 1, 2006. North Las Vegas’ population increased 11.9 percent during the period, to 197,567. It was joined on the list of the 10 fastest-growing cities by three in the Dallas metro area: McKinney (ranking second), Grand Prairie (sixth) and Denton (ninth). In the same vicinity, Fort Worth just missed the list, ranking 11th.
Florida and Arizona each had two cities among the
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