The Northeast ranked second behind the Southwest in a recent survey by KPMG L.L.P. that asked real estate executives to identify the best regions for development and investment opportunities.
Looking toward 2014, multi-family housing, retail and hospitality developments were identified as likely being the most active areas nationally, according to the 2013 KPMG Commercial Real Estate Outlook Survey.
Forty-three percent of those who participated said they expect “a significant amount” of multifamily developments to launch. Additionally, 19 percent said they expect a significant amount of development in retail in 2014 and 18 percent expect hospitality to be strong.
Mary C. Grande, a partner in KPMG”™s real estate practice who works in the firm”™s Stamford office, said the survey results are largely in line with what she has observed in the Fairfield County marketplace.
Multi family housing “continues to be the top sector, and particularly around transit-oriented developments,” Grande said. “Developers I work with recognize and appreciate that the investments should be made where they can attract tenants who will then have easy access” to transportation and their workplace.
In Fairfield County, Grande said investment is likely to be a split between new projects and upgrades to existing properties.
“Leasing vacancy rates are still high, so in terms of trying to attract tenants we are definitely seeing owners be more proactive in making the investments in their properties and making them full-access properties,” she said. “It”™s a mix ”” I think in multifamily we”™re seeing more new developments and in office space we”™re seeing more rehabs.”
Ah, developers have found the next scam to continue feeding at the taxpayer’s expense. I guess the stadium-building scam has run its course and now we’re on to “transit-oriented development”. CT officials are already planning to hand over public property to build a boondoggle in Stamford.
Theft has never been so creative.