Commercial Market Continues to Recover

The commercial market still faces its share of challenges, but Realtors attending a recent conference emphasized that there has been marked improvement in the market over the last year. At the Realtors®Legislative Meetings & Trade Expo, National Association of Realtors Chief Economist Lawrence Yun led a panel discussion about the forces shaping commercial real estate markets. The panelists agreed that the market has improved and expressed confidence that continued recovery in the economy will drive commercial real estate growth. “Commercial real estate usually recovers two years behind the economy; however, NAR members who practice commercial real estate are seeing a three-to-four year wait,” said Yun. “It has been a long and slow recovery, but it is happening.” Challenges facing the commercial sector include sub-par Gross Domestic Product growth,stagnating wage growth and low employment rates, which all affect demand for commercial properties.

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