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Forecasters Releases “Gloom and Doom” Survey for 2010
Published by Billy on Friday, November 06 2009 at 4:46 PM
Commercial Real Estate (CRE) Forecasters are predicting the commercial real estate market is still going to go downhill into 2010. Despite some good news leaking in the market, the overall findings are leading to more negative expectations.
Even though the reports are indicating a continued slump for the market, there is one silver lining. Because rents are going to continue to drop, it’s going to be a great time to buy.
”There is going to be some gloom and doom, but it’s going to be a great time to buy if you’re able to do so,” says Susan Smith, director of PricewaterhouseCoopers’ (PwC) advisory practice, who just released the Emerging Trends in Real Estate survey on Thursday. “With all the pain and challenges, buyers are still anticipating the opportunity to capitalize on it and buy some decent quality assets at a great price.”
The Costar Group forecasts national vacancy rates for retail and office space will climb to 11 percent next year from its current 10.2 percent. And because of a stagnant 2009, 2010 will likely see a cessation of new development.
For information on office space across the U.S., contact an officebroker.com representative for free help and advice.
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