Tolliver Bullish After 'Historical' 2014Posted: Updated:
A regional vice president with DTZ is optimistic about the commercial real estate market in 2015, coming off of across-the-board growth last year. Jason Tolliver says the industrial segment was particularly strong in 2014, with stronger national and statewide demand than at any time in the last 20 years. He adds sustained hiring and access to capital led to upticks in office and retail demand as well. Tolliver is expecting "cyclical highs" for all sectors this year, fueled in part by growth in the global economy. He gave his quarterly report this weekend on Inside INdiana Business Television. Tolliver says the industrial segment has been led by the manufacturing sector, which has been in "expansion mode" for 25 consecutive quarters. He says that's especially important for a state like Indiana that is so dependent on the sector.
DTZ reports an uptick in full-time hiring led Indiana's office sector to a strong 2014. Tolliver says demand is spreading across the state, led by major metros such as Indianapolis, Fort Wayne and Evansville.
In retail, Tolliver says consumer confidence, which is a predictor of retail spending, is soaring. The Conference Board's consumer confidence index has been trending up since July and is at an eight-year high.
Tolliver says the multi-family market is among the hottest in commercial real estate. He says record demand and the desire of Millennials to find "live, work, play" environments are among the biggest drivers.
The merger of Cassidy Turley with Chicago-based DTZ closed earlier this month.