2024 Real Estate Outlook

One of the many things I enjoy about the holidays is the (slightly) extra time I get to read.

For pleasure, I’m currently enjoying The Storyteller: Tales of Life and Music by Rock & Roll Hall-of-Famer Dave Grohl. For business, I also carved out time for PricewaterhouseCoopers’ (PwC) and Urban Land Institute’s (ULI) “2024 Emerging Trends in Real Estate.”

While not quite the page-turner of Grohl’s memoir, the PwC/ULI four-chapter report is a highly worthwhile read wherein every section provides information and insights that are of value to our credit union and regional banking clients.

Chapter 1 is entitled “A New Era Comes into Focus” and — while I admit to often speed reading through industry reports — I was hooked by the opening line which read, “Unbuckle your seat belts because it’s probably going to be a slow, careful ride. Disruption won’t happen like a roller coaster. It’s going to be slow going and you’re going to have to do your homework.”

Each section that follows are compelling and backed by deep-dive research garnered from multiple industry segments ranging from banks and lenders to developers, owners, and investment managers.

Like any good business report, this one provides context and information that might ultimately be of value in next year’s strategic planning. I gleaned particularly strong insights from the topics entitled “The Great Reset,” It’s All About the Debt,” and “Portfolio Pivot.”

Chapter 2, entitled “Property Type Outlook,” focuses on each of the major real estate sectors ranging from multi-family (apartments) and for-sale housing, to industrial/distribution and hotels. Because they are closely tied to the needs of our clients, I found the sections on retail (for branching) and office (for HQ’s) to be particularly interesting.

While national in scope Chapter 3, entitled “Markets to Watch,” drilled down to offer both historical and outlook data on multiple regions throughout the country. So, if you’re in Seattle or Sarasota, there are findings relevant to where you’re located or considering for expansion. And if your business is in Canada, don’t worry, the last chapter is for you.

As a gift to those who follow my posts, I’m keeping this one a tad shorter than usual. Plus, I need to finish Dave Grohl’s book …

Happy Holidays to all and best wishes for 2024!

Corey A. Waite is a leading commercial real estate advisor to the financial services industry. As Founder and CEO of Rubicon Concierge Real Estate Services, Corey works directly with senior executives coast-to-coast to deliver strategic plans and transactional services focused on optimizing the needs of employees, clients and members.

Look Before You Lease

Look Before You Lease

In our experience, successful Wealth Management firms don’t sell financial services. Rather, they offer their clients sustainable strategies and then they apply their expertise to deliver positive results well into the future.

Maybe Your Ironclad Lease Isn’t

Maybe Your Ironclad Lease Isn’t

A common perception among many wealth management firms is that there is little, if anything, they can do to improve their current office lease before renewal. Turns out, that’s a costly mis-perception.

Take a Walk!

Take a Walk!

The sticker shock rise in construction costs has many credit unions pulling back on their current project pipeline. While that makes sense, it doesn’t mean you have to suspend your overall growth plans.