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Trends in Commercial and Residential Real Estate

Delivered January 7, 2020. Contributor: Agnidip M.

Goals

To find out key real estate trends that will affect the commercial and residential real estate markets in Connecticut, Providence, RI and Boston, MA in 2020.

Early Findings

Connecticut:

  • According to littlebighomes.com, the forecast for the trend in the Connecticut housing market for the 3 years ending with the 4th Quarter of 2021 is ‘up’.
  • Assuming the above prediction to be correct, home values in Connecticut will be higher in the 4th Quarter of 2021 than they were in the 4th Quarter of 2018.
  • According to the report titled ‘Emerging Trends in Real Estate : United States and Canada 2020’ published by PWC, the office market in Fairfield County, Connecticut, is burdened with high vacancies, prompting a trend toward office-to-residential conversions.
  • Zillow predicts that home values in Connecticut, are expected to rise 0.38% in 2020.

Providence, RI

  • Providence is implementing a comprehensive economic development approach, with components of design and technology, health and wellness, urban foods, and maritime enterprises.
  • It has succeeded in attracting 20,000 new residents since 2010, a growth rate that is slow but is expected to move in the right direction 2020 as well.
  • Zillow predicts the median home value in providence to go up by 5.1% in 2020.
  • The residential housing market in providence is presently denoted as ‘Very Hot’ by Zillow as the projected growth rate of 5.1% surpasses the growth rate of 4.6% noted over the past year of 2019.

Boston, MA

  • As reported by bizjournals.com, despite some recent headlines, the outlook for the global and national real estate market is for slowing growth rather than contraction in 2020, and the Boston landscape remains quite positive within that macro context.
  • The strength of technology, health and medical sciences, and the diverse service sector is expected to keep Boston ahead of the pack.
  • Across property segments, tech and life science innovators, new uses such as flex space and experiential retail, and demographically favorable apartments and urban logistics are increasingly driving demand and garnering investor interest.
  • According to mashvisor.com, the median property price and the price per square foot in Boston is expected to be around $875,500 and $699 in 2020

In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.

Proposed next steps:

You need to be the project owner to select a next step.
Although we could provide insights relating to real estate trends that will affect the commercial and residential real estate markets in Connecticut, Providence, RI and Boston, MA in 2020, we would propose continued research to find out 2-3 key trends affecting commercial real estate markets in each of these areas in 2020. The trends identified in this research would include a brief overview of the trend, why it is considered to be a key trend and explain factors that drive these trends.
Similarly, we would propose continued research to identify 2-3 key trends affecting residential real estate markets in each of these areas in 2020. The trends identified in this research would also include a brief overview of the trend, why it is considered to be a key trend and explain factors that drive these trends.