CRE Recovery Before 2011
No Meaningful Recovery in Commercial Real Estate Before 2011
Source: realtor.org
"Washington, February 23, 2010
Although the economy has been growing lately, fallout from the recent recession continued to negatively impact commercial real estate sectors in the fourth quarter, but there is hope for some improvement next year, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said commercial real estate almost always lags the economy. “Because of the lingering impact from the deep recession over the past two years, vacancy rates will trend higher and many commercial property owners will need to make rent concessions,” he said.
“With the job market expected to turn for the better later this year, we’ll see rising demand for office and warehouse space, but that isn’t likely before 2011,” Yun said. “At the same time, improved consumer confidence would help sustain the retail sector and encourage more people to enter the rental market.” "
Commercial Forecast - February 2010
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Comments
It appears the stock market is on the rebound, which could lead to more jobs. If the employment rate can improve, then the real estate market will follow.
It depends on the area of the country. Some areas will take many years.
- James Cantrell | Flag this comment for review