Commercial Real Estate Market Outlook 2024:
Read the Market Forecast from our Director of Business Development, Bryan Murray, Published on Real Estate NJ!
“Despite economic challenges, 2024 shows promising growth opportunities across various asset classes.
Interest rates are expected to decrease, creating a favorable environment for developers.
The multifamily sector remains strong, especially in suburban areas, enhancing product availability. Smaller retail spaces are on the rise, with new retail centers emerging and older ones revitalizing, particularly in densely populated areas.
Although the industrial market might soften slightly, with reduced inventory needs post-pandemic, there’s an increasing demand for cold storage facilities.
Office space, despite high vacancy rates, is likely to see minimal change, but repurposing old offices into multifamily or mixed-use buildings is a key trend.
With a resilient subcontractor and supply market, those ready for construction will have a strategic advantage. Overall, 2024 is expected to be stable, marking a step toward greater economic normalcy.”
