CT CCIM & Mike Goman Host 2024 CRE Forecast – Key Points

· Market Update, News


Mike Goman, principal at Goman+York, reecntly shared his thoughts on the market and 2024 CRE forecast. Presented remotely by CCIM Connecticut Chapter.

Our take-aways from the presentation:

  • Good time to sell quality “A” assets; bad time to own in B/C markets
  • Redevelopment opportunities abound, but must acquire at low $/sf
  • Over $500B in capital seeking opportunities to invest
  • Municipalities must revise permitting process, costs, and timelines – bring simplicity & certainty to developers
  • Out of state (to Connecticut) investors:
    • Shifting interest level from Fairfield County north to Hartford
    • Less competition/cheaper prices than home states
  • Demand for 10,000+ additional residential apartments in Connecticut
  • Conversion projects continue momentum
    • Office-to-residential/self storage/hotel
    • Hotel-to-residential apartments
  • Quick Service Restaurants (QSR) – new concepts & expansion mode
  • Self storage design changing to high-end exterior finishes, multi-story
  • Build-for-rent single family homes, especially in southeast US markets
    • 83M millenials outgrowing apartment living