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.
Related Stories
Office Buildings | Mar 4, 2021
1905 industrial building set to become Acciona’s new office in Madrid
Foster + Partners is designing the project.
Office Buildings | Mar 3, 2021
Turano Baking Company’s new HQ and test kitchen completes in Oak Park, Ill.
Wright Heerema Architects designed the project.
Office Buildings | Feb 26, 2021
KWK Architects repurposes industrial site and warehouse into office space for Washington University School of Medicine
The project’s first two phases have been completed with the third and final phase under way.
Coronavirus | Feb 24, 2021
COVID-19 spurs need for specific building solutions
A medical supply house’s new call center and a vaccination module that can handle more patients faster are among the latest projects.
Market Data | Feb 24, 2021
2021 won’t be a growth year for construction spending, says latest JLL forecast
Predicts second-half improvement toward normalization next year.
Office Buildings | Feb 18, 2021
Bungie breaks ground on new, expanded HQ
NBBJ is designing the project.
Great Solutions | Feb 11, 2021
Simplifying the return to the office
A new web-based tool from Sasaki takes the guesswork out of heading back to the workplace.
Office Buildings | Feb 8, 2021
Walgreens Technology Center of Excellence completes in Chicago’s Old Post Office
Stantec designed the project.
Office Buildings | Feb 8, 2021
Six lessons learned from our first Fitwel Viral Response Module certification
The Fitwel Viral Response Module is one of several frameworks that real estate owners and operators can use to obtain third-party certification for their efforts ensuring their properties are ready for a safer and healthier return to work.
Building Owners | Feb 4, 2021
The Weekly show, Feb 4, 2021: The rise of healthy buildings and human performance
This week on The Weekly show, BD+C editors speak with AEC industry leaders from Brookfield Properties, NBBJ, and UL about healthy buildings certification and improving human performance through research-based design.
