It's that time of year when prognosticating about what the real estate market might look like next year starts to percolate.
CBRE Inc. was first out of the gate and held its annual forecast event on Thursday that packed in more than 400 people at the Loews Hotel in Center City. I was privy to a pre-event conversation with some of the key Philadelphia area CBRE brokers and got some of their predictions for the year ahead.
The overall theme was positive as the recovery continues to strengthen. That's not to say there weren't some worrisome trends. Spencer G. Levy, head of global research for CBRE, noted that China, which is highly leveraged and showing signs of pulling back, could be a wildcard that could effect business and real estate. Levy also said there could be unforeseen consequence of oil prices falling. A lot of foreign capital flooding the U.S. real estate market is sovereign wealth that is energy-based.
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