Mid Atlantic Real Estate Journal — November 8 - 21, 2013 — A
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M id A tlantic R eal E state J ournal Named a Tier 1 firm in Philadelphia Kaplin Stewart Meloff Reiter & Stein, P.C. receives recognition B lue Bell, PA — Kaplin Stewart Meloff Reiter & Stein, P.C.,
Spotlight Professional Services Promote your Company, Projects and Expertise contact Linda for more info: lchristman@marejournal.com
its Land Use & Zoning practice by U.S. News – Best Lawyers® “Best Law Firms” in 2014. Best Law Firm rankings are deter- mined by an extensive assess- ment of peer and client reviews. We are proud and honored by
this recognition of our profes- sional excellence. Our Land Use & Zoning attorneys have a justly earned reputation for their practical and aggressive approach in achieving desired results for our clients. n
with offices in Blue Bell and Philadelphia, PA, and Cherry Hill, NJ, has been named a Tier 1 firm in Philadelphia for
NAI Global economic briefing highlights bright spots in commercial real estate
NEWYORK, NY —Despite continuing economic and po- litical uncertainty, US com- mercial real estate markets are reacting favorably, although predictably, with some sectors – notably multifamily and industrial – demonstrating improvement and growth po- tential, according to Dr. Peter Linneman , chief economist of NAI Global. Linneman pre- sented an economic outlook during a recent webcast for NAI Global Members and clients that was led by Jay Olshonsky, President of NAI Global. “As the US economy contin- ues to improve, we are seeing a return to stability, especially with core properties with in- vestors looking for high quality assets,” said Olshonsky. Linneman noted that reno-
vation of existing properties in all sectors rather than new construction is driving growth, and has helped balance supply and demand. There is a strong industrial recovery underway, led by increased demand for online warehousing, resulting in healthy vacancy levels that will continue to fall. Multifam- ily construction is rebounding, but is still below normal levels, and an upswing in renovations is driving capital expenditure. Underproduction from the past several years resulting in a prolonged shortage will keep rents above average, but below maximum. In the office sector, construc- tion and renovation projects are at an all-time low, but renova- tions that were deferred during the recession are back on track, even though jobs have yet to
return to pre-recession levels. As a result, vacancy rates have seen a slower decline, and are expected to continue to fall as the economy improves. Of- fice rents are above average only in cities where jobs have recovered, including Dallas, Houston, Philadelphia, Los Angeles, Chicago, San Fran- cisco, Boston, Washington DC and NewYork City (downtown and midtown). The outlook for the retail sec- tor is slightly less optimistic, with no new net supply and shrinkage of total inventory. Retail rents remain well below average, particularly inAtlan- ta, Houston, Boston, Chicago, Austin, Seattle, San Diego, Washington DC, Los Angeles and San Francisco. Although hotel construction projects fell continued on page 6A
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