Dr. Mark Dotzour presenting the National 2017 Economic Forecast
We are proud to announce that we hosted over 500 guests Wednesday evening at our Annual Real Estate Forum! Guest speaker Dr. Mark Dotzour presented the National 2017 Economic Forecast with a national and global perspective. Bradley Tidemann, J.P. Weigand & Sons Industrial Specialist, also presented The State of Real Estate, and our local economic forecast for 2017. Click HERE to view the 2017 Forecast.
2016 was a pivotal year for the City of Wichita. The local economy stabilized and signs of improvement were evident across the city. Optimism for the city’s future is high and with good reason. Good news was prevalent throughout the city. Cargill’s decision to keep their Protein Division headquarters in Wichita was a major boost for the city and the Central Business District. Airbus moved to their new office building on Wichita State University‘s Innovation Campus and more tenants will be taking occupancy of new facilities there in early 2017. Spirit AeroSystems received new work commitments and the local general aviation manufacturers saw their business stabilize, setting the stage for future growth. Retail development stayed strong as national businesses continued to expand their presence in the area. Residential real estate was also active with good sales activity throughout the year.
A key to Wichita’s success is the strong commitment by the community to improve the business opportunities in the area. Volunteer driven organizations such as the Greater Wichita Partnership and the Blueprint for Regional Economic Growth and Entrepreneurship Task Force are actively working on ways to make the area more attractive to businesses wanting to expand and to help existing local businesses succeed. Their work is already creating success stories and will be instrumental to Wichita’s positive growth in the future.
2017 marks the 115th year for J.P. Weigand & Sons being an integral part of Wichita. Our associates, management, and staff are excited about the city’s future and we invite you to join us as we “Rise Together”.
A Brief look at the 2017 Forecast
The new political climate will give many office users confidence to expand and start new businesses.
More business will consider relocating to the Central Business District.
Lack of inventory of newer space will be an issue.
Investors will increasingly look at office properties.
The positive momentum will continue.
Retail consumers’ optimism on the economy will drive demand for restaurants and stores offering convenience and “fun” experiences.
More fast casual restaurants and discount retailers will enter the market.
The industrial market will stay active in 2017, but activity will be hindered by a lack of quality inventory.
Rents will continue to trend upward.
More companies will choose to stay in place and renovate.
New construction will be limited.
Demand for commercial investment properties will stay strong.
Lack of inventory will continue to be an issue.
Buyers and sellers will closely monitor any indications of a rise in interest rates.
Farm & Ranch Forecast:
Farm income will continue to be suppressed.
Sellers of agricultural land will have to adjust their price expectations.
Demand for recreational land will stay strong.
More investors will look at land as an investment opportunity.
Increasing inventory will keep rents flat.
The new product coming on line will test the market’s ability to continue absorbing additional inventory.
Apartments will be attractive options for local and national investors.
As the market continues to make strides in recovery, homes sales in 2017 are anticipated to stay strong.
This year is expected to remain a seller’s market as inventory levels continue to be historically low.
Multiple offer situations will occur in homes that are in good condition and priced right.
With interest rates trickling upward buyers are becoming more motivated to enter the market.