Steven Iaco on multifamily housing
From CBRE CEO: More than 80% of office space occupancy will return after the pandemic · · CNBC Television
“Comeback in multifamily which has returned pretty significantly but we think by the second half of next year you'll see much more activity in office buildings and then into the next year hotels and retail.”
On , Steven Iaco, Senior Managing Director of Corporate Communications & Investor Relations at CBRE Group, spoke about multifamily housing during CBRE CEO: More than 80% of office space occupancy will return after the pandemic on CNBC Television.
About Steven Iaco
In a September 2021 CNBC appearance, CBRE CEO Bob Sulentic discussed the company's performance and outlook for commercial real estate. Sulentic stated that CBRE's earnings stream had been "far more resilient than people expected," attributing this to the company's diversification across asset types including data centers, industrial and distribution centers, and multi-family financing, which he said "held up quite well" during the pandemic. He noted that asset classes under pressure, such as office buildings, retail centers, and hotels, would "start to clearly come back meaningfully after we get a vaccine," while predicting "stress for two or three years" before a different picture emerges. Sulentic said he expects a "hybrid scenario" for office space, with "80 plus percent of that occupancy, if not more" returning, alongside remote working, flex space, and new uses of office space. He indicated that by the second half of 2022, there would be "much more activity in office buildings," followed by hotels and retail the next year. For warehouses and data centers, Sulentic described "continued strength" rather than a comeback, noting record activity levels in warehousing throughout the COVID period.