2023 Winter Issue - 73

OUTLOOK2023
PROSPECTS FOR MAJOR COMMERCIAL PROPERTY TYPES
issues, such as buildings' sustainability. There is growing
pressure from government regulation on housing affordability
as well.
Prospects by Sector
Industrial/logistics. Despite supply chain volatility and
inflation, rent growth for industrial/logistics facilities continued
in 2022, with e-commerce remaining popular even as
consumers returned to brick-and-mortar stores. Construction
of new facilities faces obstacles, such as price surges in construction
materials and persistent labor shortages.
Housing. Multifamily projects look strong, with population
shifts continuing to boost demand for apartments through
and beyond 2030. Advances in technology will have impacts
on the building cycle, property operations and management,
and resident experience.
Office. The office sector displaced retail as the leastfavored
property type. Lack of clarity about the long-term
future of the workplace and the effect of hybrid and remote
work has industry players unsure how to proceed. As one
interviewee said, " I don't think anyone is at the point now
where we can say with conviction, 'This is the new normal.' "
Hotels. The lodging sector has made significant strides
in its recovery since the depths of the pandemic. Hotels in
highly dense urban markets suffered the biggest decline and
the slowest recovery, whereas leisure markets and resorts
rebounded most quickly. A new phenomenon of " bleisure "
travelers, who mix business travel with pleasure, could help
the category, as could remote workers who can stay longer in
vacation locales.
Retail. After being battered by the pandemic, with many
already-struggling businesses succumbing, retail began to
rebound after COVID-19 vaccines became widely available
and government stimulus and Paycheck Protection Program
(PPP) loans helped keep companies alive. Major brand-name
chains are poised to add as many as 7,000 outlets through
midyear 2023. Whether that turnaround can survive a recession,
however, remains unclear. UL
WINTER 2023
URBAN LAND
71

2023 Winter Issue

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