Commercial RE Vacancies Peak near early 2011
Date 6/1/2010
WASHINGTON, DC--(Marketwire - May 26, 2010) - Vacancy rates continue to rise in most commercial sectors and are not expected to level out in most markets until the end of this year or early 2011, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said there is one bright spot in commercial real estate. "The multifamily sector can expect increased demand as the economy creates jobs and new households are formed, likely in the second half of this year," he said. "However, the office, warehouse and retail sectors continue to experience the delayed effects of the recession. These sectors should see gradual improvement after jobs pick up and create additional demand for space, meaning a broader improvement in commercial real estate is likely in 2011."
The Society of Industrial and Office Realtors®, in its SIOR Commercial Real Estate Index, an attitudinal survey of nearly 700 local market experts,(1) confirms that significant fallout from the recession remains, but to a lesser extent.
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