Posted on Thursday, February 25, 2010
Vacancy rates will trend higher this year and older properties will become obsolete. Hopefully with the job market expected to turn for the better later this year, we’ll see rising demand for office and warehouse space, but probably not until 2011. Consumer confidence could hasten recovery in the retail sector. That remains to be seen.
The Society of Industrial and Office Realtors (SIOR) Commercial Real Estate Index,found;
55% of SIOR members expect the market to improve in Q2 2010.
86% report prices below replacement costs.
9 of 10 said new commercial development is virtually nonexistent
Rent concessions were reported almost everywhere.