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At the inaugural launch event of an annual report that tracks investment opportunity and economic growth in the Triangle, a panel of commercial and residential real estate developers disagreed on whether the region is at risk of a bubble in the real estate markets.

“I don’t see any kind of bubble, I see the exact opposite, for the next ten years,” said Jim Allen, president of the President at The Jim Allen Group, who develops residential real estate in the region.

But Frank Baird, CEO of Capital Associates Management, is concerned that the very same macroeconomic factors and fiscal policy that has pushed the capitalization rates of multifamily commercial properties low enough to attract new buyers at high valuations could result in a sudden increase in interest rates and subsequent bursting of a real estate bubble.

“That’s where our bubble, potentially, is,” said Baird.