After the pain of the Great Recession, the national economy has posted two years of a decent recovery, the chief economist for the National Association of Realtors said Thursday at a seminar in Baton Rouge.
“Market conditions are improving from a very low base,” said Lawrence Yun, chief economist and senior vice president of research for the National Association of Realtors. Yun was in Baton Rouge Thursday morning to serve as the keynote speaker for the annual Trends in Real Estate seminar, which is being held at L’Auberge Casino & Hotel Baton Rouge.
Yun said the national real estate market is “still underperforming,” but a sizeable pent-up demand exists in the pipeline.
The national commercial real estate market is “coming off a near-death experience” in 2008, Yun said.
While jobs are being added at an improving pace, Yun noted the national gross domestic product has continued to grow at below a 3 percent rate. That’s ahead of the economies in Europe and Japan, he said.
“On one hand we have had subpar economic activity. On the other hand, we are doing better than Europe,” Yun said. “On the other hand, we are growing every day.”
Trends in Real Estate started in 1988 as a joint project of the commercial and investment division of the Greater Baton Rouge Association of Realtors and LSU’s Real Estate Research Institute.
Teams of local real estate professionals in the finance, industrial, multifamily, office, residential and retail sectors provide the latest information about what is going on in their field. The goal of the program is to educate members of the division, their clients and other real estate practitioners in the greater Baton Rouge area about the current and forecast trends in the market.