Commercial Activity Should Expand Next Year

According to a new quarterly commercial real estate forecast from the National Association of Realtors (NAR), sustained job growth throughout the country and “improving credit conditions are forecast to help keep commercial real estate activity expanding into next year, but property prices are likely to slightly cool off after reaching their peak in some major markets.” The NAR report noted that national office vacancy rates are forecast to decrease 0.8 percent to 14.8 percent over the next year as continued job creation drives demand. The vacancy rate for industrial space is expected to decline 1.4 percent to 9.7 percent, and retail availability to decrease 1.3 percent to 11.3 percent. “With new apartment construction projects coming through the pipeline in several markets, only multifamily vacancies are forecast to increase over the next year, from 6.1 percent to 7.3 percent.”


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