Emerging Trends in Real Estate®: United States 2004

The attitude of real estate investors toward next year's industry outlook range from "cautiously pessimistic" to—at best—"less sanguine," according to the Emerging Trends in Real Estate® 2004 report. The report finds 2004 to be widely regarded as a "transition" period, as markets move toward a weak recovery tempered by rising corporate outsourcing of jobs overseas, a lack of U.S. job generators, and fiscal woes at all levels of government. The report says that so far, returns continue to belie weak market fundamentals, including high vacancy rates, falling rents, resurgent concessions, rising property taxes, and higher operating expenses.