Report by Dr. Victor Calanog, Shan Ahmed, & Keegan Kelly
June 2019 marks the tenth year of economic expansion, following the end of the Great Recession. By July 2019, the current cycle will topple the previous record held by the March 1991 to March 2001 period as the longest expansionary period of the postwar era. One explanation for the current expansion’s longevity is that more moderate GDP growth, albeit perceived by many as ‘slow,’ has been an unexpected boon.
This whitepaper provides an overview of the economy’s performance over the last ten years and assesses how commercial real estate fundamentals and financing have performed over the period. It also explores how changing trends in demographics, preferences for the use of space, and the widespread adoption of new technology have affected different property types.
Victor Calanog, PhD CRE® is the Chief Economist & Senior Vice President at Reis. He and his team of economists and analysts are responsible for the firm’s market forecasting, valuation, and real estate portfolio analytics services. He holds a PhD in Applied Economics and Management Science, trained by a dissertation committee composed of faculty from the Wharton School of the University of Pennsylvania and Harvard Business School.
Shan Ahmed is an Associate in the Economics department at Reis. He is responsible for the firm’s custom client projects and real estate portfolio analytics services. Shan holds a bachelors degree in Economics from The University of Texas at Austin.
Keegan Kelly is an Analyst in the Economics department at Reis. She contributes to a variety of quarterly publications and conducts research for industry white papers. Keegan holds a bachelors degree in Economics from Boston College.