Reposted from the REJ Blog
by Dan Rafter
There’s been plenty of good news when it comes to commercial real estate. Markets such as Minneapolis, Indianapolis, Omaha and Nashville are seeing plenty of new deals and construction in all sectors.
A recent report from the CCIM Institute http://www.ccim.com/ provides yet more evidence that the commercial real estate recovery is a solid one.
The institute recently reported that deal flow among its members jumped 57 percent in August when compared to the same month one year earlier.
The report, which relies on data collected from CCIM members across the country, shows property sale prices were higher or about the same as one year prior. More than 65 percent of CCIM members said they received more serious inquiries from buyers than during the same period last year.
“The current pace of moderate gains in employment and consumer spending should provide enough lift for absorption in the office, industrial and retail sectors to keep vacancy rates on a downward trend,” said George Ratiu, director of quantitative and commercial research for the National Association of Realtors, which conducted the survey with the CCIM Institute. “Demand for rental housing will remain solid for the rest of the year, although competition from residential rental stock and new construction is likely to add pressure on rent growth.”