August 7th, 2015 1:01 PM by Christopher Terry
The real estate is growing! According to the Urban Land Institute (ULI) Center for Capital Markets and Real Estate, the real estate industry should remain on a course of solid growth for the next 3 years. The ULI’s Real Estate Consensus Forecast is based on a survey of economics and analysts at the nation’s leading real estate organizations.
Here are a few of the things that the study found:
Net job growth is expected to be 2.9 million per year for the next 3 years. That is up from the long-term average of 1.2 million.
Low unemployment rates should lead to healthy wage growth.
Demand for real estate is expected to remain high.
Commercial real estate prices are projected to rise by an average of 7.6 percent per year, implying strong appreciation for all real estate.
Though there are still some things to be concerned about, such as higher short-term rates, reasons of hope outweigh the those for doubt.
Overall, the future's looking bright for the real estate market!
Mariah Terry is passionate writer and blogger studying Journalism at Emerson College with a minor in Marketing. See her work at mariahterry.jimdo.com.