(MENAFNEditorial)
Commercial real estate (CRE) service provider DTZ has announced the release of its U.S. Macro Forecast which predicts positive economic results for the second half of 2015 after a shaky start. [First quarter 2015 downturn.]
A weakened global economy a plunge in energy investment a soaring U.S. dollar and another difficult winter in many U.S. regions took their toll on growth but real gross domestic product (GDP) still managed to grow 2.7% year-over-year as of the first quarter a rate that is high enough to sustain CRE demand drivers. Also job growth is at its highest point in 15 years and 30% of the new jobs created to date in 2015 were in office-using sectors with the bulk in professional and technical services. Though the current growth cycle has its inconsistencies it could surpass the 10-year cycle that spanned from 1990 to 2000 which marks the longest expansion post World War II.
“It is always difficult to predict with any precision when an expansion will come to an end but the latest data on confidence jobs debt ratios and capital flows shows there is little evidence to suggest the U.S. expansion can’t on go for a lot longer” said Kevin Thorpe DTZ Chief Economist Americas. “From a commercial real estate perspective the odds are heavily in favor that expansion has a lot of runway left.”
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