Expect increased rent prices in San Diego County next year and many of the same hurdles to get new homes built.
That’s at least some of the consensus coming out of two real estate forecast conferences in San Diego this week attended by builders, landlords and investors.
There was cautious optimism about President-elect Donald Trump, anticipation of changes for office space demand and a general displeasure about the failed effort to get Lilac Hills built at the annual economic forecast gatherings of the local Institute of Real Estate Management in La Jolla on Friday and the University of San Diego’s business school on Thursday.
The real estate industry has had a mixed reaction to Donald Trump’s election victory, despite his history as a real estate developer.
Jason Wood, project principal at San Diego real estate development company Cisterra Development, said Trump’s plan to lower taxes and cut regulation could be a boon for the industry, at least in the first few years.
“Does everyone know the new president is going to try and lessen some of the regulation that has held us back?” he said to the roughly 250 attendees at the La Jolla event.
He said there was no question the industry would change, it was just a question of how much.
“2017, in my opinion, is going to be a good year in our business,” he said.
However, other aspects of the president-elect give other analysts pause.
“This idea of traumatizing world economies through Twitter is very unsettling,” said real estate consultant Gary London at the same event. “ I think if we start creating trade wars with China, that could have an impact.”
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