Moody's: Commercial real estate sector experiencing improvements
July 28th, 2011 8:23am
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According to a recent report from Moody's, the national commercial real estate sector continues to show progress, leading to an optimistic forecast for the market.The company's latest report regarding the market during the first quarter of the year showed improvement. Moody's ranks markets' health on a scale between 0 and 100 and gave the commercial sector an average score of 67.
The commercial real estate market is typically divided into five categories - office, industrial, retail, hospitality and apartments. The apartment sector recorded a score of 88, which was the highest score in the company's first quarter report. Markets in Newark, New Jersey, Portland, Oregon, and Ventura County, California, all registered scores of 94 or better.
"Scores for the central business district and suburban office markets rose moderately, while those for the multi-family, retail and industrial markets were consistent with the previous quarter," said Keith Banhazl, a senior credit officer at Moody's.
In terms of office markets, Forth Worth, Texas, and New York shared the highest score at 87, followed by Washington, D.C. at 81.
Office space is a valuable a commodity in Texas, as the state is home to 51 of the country's Fortune 500 companies. Thus, commercial sales of Dallas, Fort Worth and Houston properties are often significant.
Courtesy of 2M Realty News
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