Positive Forecast for 2014 & 2015 By Mary Minor Davis For the past several years the forecasts presented at the CCIM Pima County Commercial Real Estate Market Forecast Competition have been “pretty bleak,” according to 2014 organizers. This year could be different. There’s hope on the horizon. CCIM stands for Certified Commercial Investment Member. This year marks the 23rd anniversary of the Southern Arizona Chapter event where top market specialists forecast the commercial real estate market for 2014 and beyond. Terry Lavery, associate broker at Tucson Realty & Trust Co. and marketing co-chair of the event, said that indicators show that 2014 and 2015 are “going to be two of the best years we’ve seen in the last five to seven years. “I think we have a real positive story to tell. This is a phenomenal opportunity to get the word out that we’re back, we’re in business,” he added. Melissa Lal, a leasing agent with Larsen Baker and member of the planning committee, said over the past few years the news has been very negative, although there have been some signs of recovery. “This event is an indicator of the local economy’s conditions matched against the national recovery,” she said. Brandon Rodgers of Cushman & Wakefield ǀ PICOR Commercial Real
Estate Services is chair of the 2014 event to be presented Feb. 11 at Tucson Marriott University Park. He said much of what is covered doesn’t necessarily make national news. “Insight that this event provides is beyond the headlines,” he said. Brokers from different markets will share trends and what they are seeing on the ground. Panelists will offer forecasts including: • Projected growth figures • Vacancy rates in retail, office, industrial and apartments • Year-end building permits for land • Year-end interest rates in finance • Average price per square foot predictions in appraisals • Where the market is heading • General health of Tucson’s commercial real estate market
Lavery said CoStar Group – the industry’s leading provider of commercial real estate information, marketing and analytic services – provides the metrics by which forecasters are measured, except for multi-family real estate, where other resources are used. Event planners said participants will leave with a working knowledge of current market conditions and insight into
This event is an indicator of the local economy’s conditions matched against the national recovery.
– Melissa Lal Leasing Agent, Larsen Baker
emerging opportunities. Details, including keynote speakers, are being finalized. Another event highlight is recognition of legends in the local commercial real estate market. Now in its fourth year, past Legend honorees included Don Diamond, Bill Estes and Sonny Solot. Legends winners will be announced in early 2014. This is one of the longest-running CCIM competitions nationally, a model that other chapters have adopted. The Southern Arizona Chapter has 150 members. The Chicago-based CCIM Institute confers the certified commercial investment member designation through online learning and testing.
23RD ANNUAL PIMA COUNTY COMMERCIAL REAL ESTATE MARKET FORECAST COMPETITION Tuesday, February 11, noon to 6:30 p.m. Tucson Marriott University Park 800 E. Second St.
RSVP by January 31 Members $80 Non-Members $100 Table of 10 $900
After February 1 Members $100 Non-Members $120 Table of 10 $1,000
Day of event $125
Contact Aaron Reid at (520) 382--8791 or firstname.lastname@example.org
The Tucson Region's Business Magazine