Real estate forecasters are in a bit of funk about the upcoming elections and continued economic issues in Europe.
So they?ve scaled back their outlooks a bit for this year?s commercial property sector.
The Washington, D.C.-based Urban Land Institute surveyed more than three dozen top real estate economists and analysts for its just released fall forecast.
The prognosticators say that total commercial property transaction volumes this year will drop to $223 billion ? down from $227 billion in 2011.
The economists ULI talked to are predicting better transaction totals in 2013 and 2014.
The just-released ULI report predicts that the booming apartment market will cool a big in the month ahead.
And they are predicting stronger returns and more activity in the retail property market.
The economists are also much more bullish on the housing sector than they were even six months ago.
?What this survey suggests is that, in general, the U.S. economy is making progress inch by inch,? said ULI senior vice president Dean Schwanke. ?Nothing indicates a quick turnaround, but the economy and the real estate industry are moving toward a notable improvement by 2014.?
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