California developers report mixed expectations for the state's post-pandemic commercial real estate market in a look-ahead to 2023, says a key state survey that tracked their collective outlook in major metropolitan areas in December for office, industrial, retail and multifamily markets over the next several years. While those polled said they expect industrial and multifamily housing markets to grow in the next two years, retail and office markets are likely to contract.
The outlook for the office market is the most uncertain, says John Tipton, partner at law firm Allen Matkins, which conducts the biannual survey with the University of California-Los Angeles Anderson management school.