Global liquidity's "flight to safety" is still one of the key drivers of macro commercial and residential real estate trends heading into the mid-2016 stretch, according to PricewaterhouseCoopers Partner & NY Regional Sales & Marketing Leader Mitch Roschelle.

Roschelle notes that investors relative discomfort with risks in other investment asset classes, given turmoil, energy oversupply, and economic weakness in China continue to make real estate a safe haven in comparative terms. He does point out that affordability--both in multifamily rentals and for-sale housing--is one of the key issues suppressing housing's growth as an economic contributor.

He looks at several markets, like San Francisco, as "overbuilt" and likely for a decline in activity, while other metro areas, including Nashville are on the upswing.

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