2024 Commercial Real Estate Outlook by Sector
2024 will be a truly unique year for commercial real estate. Booming e-commerce, a possible recession, and remote work will impact each sector differently.
Office
This year, the office sector will continue to battle the work-from-home trend. Some businesses have already started calling employees back to the office, while others have decided that remote work is sustainable for the foreseeable future.
Less demand means much of the office space across the country remains vacant. Investors with a vision to reimagine the use of office spaces should keep an eye out for bargain deals in 2024.
Multi-Family
With real estate becoming increasingly more expensive in most metro areas, many would-be homebuyers are considering multi-family rentals as their solution. Strong demand for multi-family properties means developers will race to be first to market to maximize profits.
Industrial
Continued reliance on online retailers is keeping demand high in the industrial sector. Consumers are desperate for faster shipping times, forcing retail giants to bring substantial storage facilities closer to home.
Owners of storage and warehouse facilities, or land that can be developed into such, will benefit from solid appreciation and rental growth.
Retail
The retail sector will be heavily dependent on other economic factors in 2024. Increasing inflation or a recession could significantly impact growth in this market. However, if consumer sentiment and the economy remain resilient, the value of retail space will stay stable.
Technology
2023 was a breakthrough year for technology, specifically artificial intelligence. As technology continues to permeate all aspects of society, specific infrastructure is required. The need for data centers, solar farms, and additional cell towers will drive demand for real estate to house technology.
A Close Eye
No matter the year, keeping a close eye on each real estate sector and monitoring macroeconomic conditions are the best ways to succeed in commercial real estate.
Please contact Steve Longenecker at WeBrokerCORealEstate or 720-600-9513 regarding any commercial real estate needs in Longmont, CO, and our neighboring communities.
We give out $250 gift cards for referrals that become our real estate clients.
Like, Share & Follow us on LinkedIn and Facebook.
#longmontcommercialrealestate #commercialrealestatebroker #northerncocommercialrealestate
