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June 16, 2006
Realtors Bullish on Commercial Property
A new National Association of Realtors report forecasts that commercial real estate will be a source of strength for the country's economy in the second half of 2006, with the market for residential properties applying the brakes. The organization predicts that office-vacancy rates are likely to decline to 12.7 percent in the last three months of this year compared to 13.6 percent a year earlier. Furthermore, the survey projects that industrial-property vacancies will dip to an average 9.5 percent in the last six months of the year versus 9.9 percent in the fourth quarter of 2005. In other markets, apartment vacancies are projected to fall to 5.7 percent later in the year; and retail vacancies are on track t! o average 7.6 percent, up from 7.2 percent in the year-earlier period.
Posted by S. Germain at June 16, 2006 07:41 AM