The commercial real estate market has been cruising at a high altitude, and everyone on board is wondering when, and how, the plane will land, said Andy Warren, director of real estate research at PwC. Warren took to the stage to examine the national and Chicago market at Urban Land Institute’s 2018 Forecast event at the University Club of Chicago on Thursday.
Unlike the nautical themes of years past, Warren compared the current market climate to being on an airplane—some have their seatbelt fastened and some are moving freely about the cabin. What it comes down to is what people expect, and right now it’s a mix. It’s been a long cycle, so it makes sense that some are anticipating a downturn. But then again, without any major signs of a slow down, why move cautiously?