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ULI Emerging Trends Program Offers Insight into 2011 U.S. Real Estate Industry

November 5th, 2010 · Leave a Comment

Northeast Florida’s real estate leaders were out in full force last night at the Urban Land Institute (ULI) Emerging Trends program. Nearly 200 of the industry’s influencers turned out at The Crown Plaza to be the first to hear the 2011 Emerging Trends in Real Estate report from ULI, presented by PricewaterhouseCoopers Director of Real Estate Research Charles DiRocco. The report reflects the views of more than 875 individuals who completed surveys or were interviewed as a part of the research process.

The message of the 2011 report was hopeful for the real estate industry, noting that after three years of unprecedented losses, the industry is seeing some signs of tempered improvement. DiRocco noted that as an industry, real estate leaders and companies are transitioning from an era of more houses, more credit and more spending to an “Era of Less” – encompassing a shrunken industry, lower return expectations, restrained development prospects, reduced credit availability and crimped profits. As for local real estate, Jacksonville ranked 34th out of 50 major markets. The top markets to watch, according to the ULI report, are “Gateway 24-Hour Cities,” such as Washington, D.C., New York City, San Francisco, Boston, Seattle, Houston and Denver.

Guests at the program also heard from a local panel of real estate leaders who discussed the future of real estate in Jacksonville. The panel was moderated by Bob Rhodes of Foley & Lardner and included guests Ed Burr, President of GreenPointe Holdings LLC, Bruce Johnson, Executive Vice President and CFO of Regency Centers, and Steve Crosby, president of CSX Real Property. The panel offered insights on the local real estate market for 2011 by discussing the recession, current economy, jobs and future developments in the residential and commercial sectors. The panel also had a lengthy discussion on downtown, noting that major changes in public policy and public perception need to take place in order for the city’s urban core to truly develop into a major metropolitan market.

To learn more about ULI North Florida and to purchase a copy of the 2011 Emerging Trends in Real Estate report, visit www.northflorida.uli.org. If you attended last night’s program, let us know your thoughts below.

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