The Summer 2024 Allen Matkins/UCLA Anderson Forecast reveals that 71% of CRE experts expect increased distress and 53% foresee a decline in new development. Rising interest rates pose challenges, but Adaptive Reuse is gaining traction. Dimensions is ready to support the AEC industry through these shifts.
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As the Commercial Real Estate (CRE) industry navigates turbulent times, Dimensions is closely monitoring how the evolving landscape may impact demand for Reality Capture Services, including Commercial As-Built Documentation and BOMA Analysis.
The Summer 2024 Allen Matkins/UCLA Anderson Forecast — released yesterday — provides a snapshot of industry expectations for the Commercial Real Estate industry in California, the results may surprise you. According to the survey, a significant majority (71%) of participants anticipate increased distress in the coming months, and 53% predict a decline in new development over the next three years. Interest rates remain a primary concern, signaling ongoing challenges and emerging opportunities for stakeholders across the commercial real estate spectrum. While California is often in a league of its own, stakeholders in major metropolitan areas nationwide are experiencing similar sentiments.
It's not all doom and gloom however. With dense metropolitan areas adjusting to post-Covid corporate culture and rising housing prices, Adaptive Reuse is becoming increasingly attractive to Developers and Owners. At Dimensions, we've observed the growing momentum of Adaptive Reuse, which is being embraced at local levels at an increasing rate. For example, Los Angeles Mayor Karen Bass is reconsidering policies from the late 1990s to encourage the transformation of CRE in the city and increase residential inventory. Our friends at Omgivning have been on the forefront of this initiative in Los Angeles, keep it up!
Dimensions is excited to see how this transformation unfolds and is prepared to offer solutions to the AEC Industry that address these new challenges. Bring it on!
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