positive for Wichita real estate
Real estate news By Lainie Rusco
10:45 AM CST Wednesday, February 28, 2007
Guest speaker Mark Dotzour kicked off the annual J.P. Weigand
& Sons Inc. forecast Tuesday with an outlook of the
2007 real estate market, both nationally and in Wichita.
Dotzour outlined statistics and trends on real estate absorption
and property values and how that would affect the industry.
While he was positive on Wichita's real estate growth --
and noted that investors are more likely to put their money
into real estate instead of stocks -- he expressed concern
that low long-term interest rates could result in a national
recession. Weigand Realtor Bradley Tidemann spoke in more
detail about the Wichita market, saying that he expected
nearly every real estate sector to be up in 2007. The office
market, he said, will continue to be sparked by activity
in the northeast quadrant -- especially the Waterfront --
and the Central Business District, which will grow with
activity at the WaterWalk and by Minnesota group Real Development.
Retail, meanwhile, was good in 2006, but slow compared
to previous years. Tidemann said that's because of slower
expansion from national retailers. That could change in
2007, though, as companies such as Chili's, Starbucks and
GameStop undergo major national expansions, which could
result in more locations in Wichita and its surrounding
communities.The industrial market in 2006 was the best Tidemann
has seen in nine years, with the lowest vacancy rates --
10.2 percent -- since 2000. The market should continue to
stay strong in 2007, with construction of build-to-suit
projects showing the greatest growth.
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