Bay Area Multifamily Confidence Wanes Among CRE Professionals

Bisnow Bay Area (July 30, 2019) Bay Area commercial real estate developers and financiers anticipate a multifamily slowdown coming to the region in three years, despite statewide optimism for the industry's other major sectors, according to a new report. In their biannual California Commercial Real Estate Survey, Allen Matkins and UCLA Anderson Forecast recorded optimism among CRE leaders for California's office, retail and industrial sectors as well as Southern California multifamily. But half of Bay Area multifamily respondents said they will not start a project in the next 12 months despite strong rent growth and low vacancy rates, with the most pessimism found in San Francisco. "In all candor, we were surprised by the result," Allen Matkins partner John Tipton said. "The Bay Area multifamily market is actually very strong." Read More