From New York to California and everywhere in between, the commercial real estate market is slowly picking up the pace. While things may not be moving forward as quickly as many would like, any positive change from the past will be welcomed by most.
According to a quarterly forecast published by the National Association of Realtors, this market continues to improve. The chief economist for the organization noted, "Growth in commercial real estate sectors continues at a moderate pace from a very slow pace of absorption, despite job additions to the economy."
At this time, it is believed that office demand will continue to see a slow, gradual improvement. Along with this, the overall demand for retail space is benefiting from the fact that people are once again beginning to spend money.
For a better idea of where commercial real estate stands, it is important to pay attention to the office rental sector. In 2014, office rents are projected to increase 2.3 percent. Better yet, this number is expected to reach 3.2 percent in 2015. This goes a long way in showing that things are getting better, even if in a slow manner.
Anybody who is interested in investing in commercial real estate or currently owns property will find this information interesting. The market is slowly improving, and if things continue to move in this direction, there is a good chance that the market will be in a much better place by the end of next year.
If investing in any type of commercial real estate, you should make sure that your interests are protected. An experienced New York real estate attorney can provide valuable advice about how to protect your own assets and interests when investing in commercial real estate.
Source: The American Genius, "Pace of commercial real estate improvement is slowing" Tara Steele, Feb. 24, 2014