Commercial real estate developers optimistic, but concerned about taxes, jobs outlook

The outlook for the commercial real estate industry remains strong despite growing concerns over sluggish job creation and higher taxes, according to a new survey of commercial real estate professionals who attended a leadership conference hosted by NAIOP, the Commercial Real Estate Development Association.

The poll was conducted during NAIOP’s 2015 Chapter Leadership and Legislative Retreat and surveyed over 100 commercial real estate insiders.

Nearly half of respondents indicated that sluggish job growth was a major concern and nine out of 10 indicated that higher capital gains taxes would have some impact on investment and growth, with many saying the impacts could be “severe.”

President Obama’s FY 2016 budget proposal includes a proposal to raise the top tax rate to 28% on capital gains and qualifying dividends for couples with income over $500,000.

Despite concerns over sluggish job creation and higher taxes, 52% projected strong growth in 2015, while 43% saw the industry as remaining stable.

“Our members are optimistic, but sluggish job creation and the looming threat of higher taxes are their main worries right now. Given our industry’s contribution to a durable economic recovery and generating good-paying jobs, we hope Congress and the president will hear this and weigh the serious consequences of a tax hike at this time,” said Thomas J. Bisacquino, president and CEO of NAIOP.

When asked the question “what keeps you up at night?” 27% of respondents indicated that gridlock in Washington was a major concern. “We need strong and consistent policies from Washington that encourage investments in development projects so more Americans can share in our economic recovery,” said Bisacquino.

Climate change is having a dramatic impact on urban design, in terms of planning, materials, occupant use, location, and the long-term effect of buildings on the environment. Joining BD+C's John Caulfield to discuss this topic are two experts from the Boston-based CBT Architects: Kishore Varanasi, a Principal and director of urban design; and Devanshi Purohit, an Associate Principal.

Multifamily Housing | Jul 14, 2022

Multifamily rents rise again in June, Yardi Matrix reports

Average U.S. multifamily rents rose another $19 in June to edge over $1,700 for the first time ever, according to the latest Yardi® Matrix Multifamily Report.

Building Team | Jul 14, 2022

Austin PBS gets a new state-of-the-art facility with three studios

Since the 1970s, Austin PBS, birthplace of the Austin City Limits TV series, has been based inside the communications building on the University of Texas campus—a space it has long outgrown.

Building Team | Jul 13, 2022

The YIMBY movement emerges as valuable advocate for affordable housing

Over the past few decades, developers grew accustomed to nothing but staunch opposition to dense affordable housing project proposals.

Energy | Jul 13, 2022

Electrification of buildings, new and old, furthers environmental responsibility and equity

It’s almost a cliché in our industry, but nonetheless: The greenest building is the one that is already built.

Building Team | Jul 13, 2022

Austin’s newest entertainment and hospitality complex has been made from repurposed shipping containers

A new entertainment and hospitality complex in Austin, The Pitch, has been made out of repurposed shipping containers.

Codes and Standards | Jul 12, 2022

USGBC sets out principles for LEED’s future

The U.S. Green Building Council recently published a report containing principles outlining how LEED will evolve.

Building Team | Jul 12, 2022

10 resource reduction measures for more efficient and sustainable biopharma facilities

Resource reduction measures are solutions that can lead to lifecycle energy and cost savings for a favorable return on investment while simultaneously improving resiliency and promoting health and wellness in your facility.