Commercial Real Estate on the Rise

Realtytimes.com posted a great article about commercial real estate that I wanted to share with you because it shows that we are on the up and up.

According to the latest reports, commercial real estate may be stabilizing and rates are expected to rise about 2 percent in the next year.

NAR’s chief economist said a pullback in construction is helping to stabilize the market. Being that there has been very limited construction of new commercial real estate over the past few years, the supply of available space has essentially been fixed.

He also said that with a renewal of job growth should come increased apartment rent. A larger percentage of the younger population is looking to move away from home, creating a higher demand for apartments. This may lead to a rise in demand and prices.

As job growth is experienced across the nation, vacancy rates should begin to decline across all sectors. We can’t get too anxious for this time though because it may be some distance off in our future.

Things are on the rise and that is wonderful news!

-Tami

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About tamirapaport

I have been a Tenafly Realtor for many years and continue to offer excellent service for my friends and clients. I have been fortunate to be the only realtor to achive Platinum Level Sales Award for 8 years in a row! (NJAR Circle of Excellence 2002-2009) and in 2008, I ranked #3 out of 3,900 Coldwell Banker agents throughout the entire state of New Jersey! I love my job and my committment shows. I am also a member of Coldwell Banker International President's Premier, the top 1% worldwide of the heighest sales ranking within the company. Awards are great recognition, but my clients will tell you I get the job done! I am multi-lingual and speak fluent Hebrew as well as English.
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