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
| Aug 31, 2022
A mixed-use development in Salt Lake City provides 126 micro units with mountain views
In Salt Lake City, a new 130,000-square-foot development called Mya and The Shop SLC, designed by EskewDumezRipple, combines housing with coworking space, retail, and amenities, as well as a landscaped exterior for both residents and the public.
Mass Timber | Aug 30, 2022
Mass timber construction in 2022: From fringe to mainstream
Two Timberlab executives discuss the market for mass timber construction and their company's marketing and manufacturing strategies. Sam Dicke, Business Development Manager, and Erica Spiritos, Director of Preconstruction, Timberlab, speak with BD+C's John Caulfield.
Giants 400 | Aug 29, 2022
Top 80 Senior Living Facility Architecture + AE Firms for 2022
Perkins Eastman, Hord Coplan Macht, Ryan A+E, and Stantec top the ranking of the nation's largest senior living facility architecture and architecture/engineering (AE) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 29, 2022
Top 70 Student Housing Facility Architecture + AE Firms for 2022
Niles Bolton Associates, Mithun, Gensler, and Perkins and Will top the ranking of the nation's largest student housing facility architecture and architecture/engineering (AE) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.
| Aug 29, 2022
Montana becomes first U.S. state to approve 3D printing in construction
Montana is the first U.S. state to give broad regulatory approval for 3D printing in building construction.
Giants 400 | Aug 29, 2022
Top 175 Multifamily Sector Architecture + AE Firms for 2022
Perkins Eastman, Solomon Cordwell Buenz, KTGY, and Gensler top the ranking of the nation's largest multifamily sector architecture and architecture/engineering (AE) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report. Note: This ranking includes all multifamily sector work, including apartments, condos, student housing, and senior living facilities.
| Aug 26, 2022
Idaho Building Code Board considers gutting large part of state energy code
Idaho Building Code Board considers gutting large part of state energy code.
Multifamily Housing | Aug 25, 2022
7 things to know about designing for Chinese multifamily developers
Seven tips for designing successful apartment and condominium projects for Chinese clients.
Giants 400 | Aug 25, 2022
Top 155 Apartment and Condominium Architecture Firms for 2022
Solomon Cordwell Buenz, KTGY, Gensler, and AO top the ranking of the nation's largest apartment and condominium architecture and architecture/engineering (AE) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.
University Buildings | Aug 25, 2022
Higher education, striving for ‘normal’ again, puts student needs at the center of project planning
Sustainability and design flexibility are what higher education clients are seeking consistently, according to the dozen AEC Giants contacted for this article. “University campuses across North America are commissioning new construction projects designed to make existing buildings and energy systems more sustainable, and are building new flexible learning space that bridge the gap between remote and in-person learning,” say Patrick McCafferty, Arup’s Education Business Leader–Americas East region, and Matt Humphries, Education Business Leader in Canada region.