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Focus on the income has always been a main theme of our research. It is as important today as ever given that net operating income (NOI) is increasing across all property types, exhibit 1, even as the prospect of higher interest rates looms.
It finally happened. As expected, apartment vacancy edged higher during the third quarter as new completions slightly outpaced demand for rentals.
Apartment vacancy is still historically low at 4.2%, exhibit 2, which has allowed landlords the flexibility to raise rents.
All other sectors continue to experience declining vacancy. Only shopping centers and suburban offices remain well-above their long-term average vacancy levels.
Going into 2015, the US economic outlook indicates somewhat stronger growth and more hiring with slightly higher inflation, including potential wage inflation.
Economic conditions should support persistent gains in net operating income for commercial real estate properties.
Source : UBS AG