Watts Happenings News and Blog
Economic Outlook for 2018
"The consensus among property management specialists and other real estate services professionals is that 2018 will be another strong year for real estate generally, although the industry seems to have passed the peak of the "up" cycle. Conceivably, a downturn is lurking, but it's not immediately in view."
That is the consensus from real estate professionals around the nation, as Chip explains how the deep south is looking to 2018.
"The Market looks strong in the Deep South too, for now," Chip Watts, CPM, CCIM, President and Executive CPM for Watts Realty Co., AMO, in Birmingham, Ala., predicts little change for 2018, although he's less sanguine about the long term.
"We'll have a strong 2018 for multifamily," he said. "We're seeing new projects being announced almost monthly. Office is just a little soft and will continue to be so. Relocations from suburban to urban buildings are on the rise, and total space requirements are increasing because offices have already gotten as small as they can get."
"Retail is in a transitional time. Some of the major chains are closing units, but single stores are coming back , which indicates to me that we have a strong economy."
The overall news is positive for property managers, he said, and for people who are considering entering the profession.
"Our multifamily market will remain strong, with lots of competition for staff talent through favorable salaries and benefits," he said. "Our commercial markets will be flat because we see a lot of space in transition now. IN Alabama, you need a real estate license to lease space, but in some other states, you don't, so management companies there might have a larger pool of personnel to choose from."
"The challenges for property managers, in the coming year, will continue to be the ability to integrate technology into your marketplace, operate smart systems, and communicate via social media. Alabama will see a strong market in 2018; it's what could happen after that, that concerns us."
You can read more about the economic outlook for 2018 in real estate management here... http://www.jpm-digital.org/jpm/nov_dec_2017?pg=1#pg1