Commercial real estate sector to see slow recovery
January 12th, 2011 7:43am
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While the last year has been relatively rough sledding for the commercial real estate market, gains in underlying economic factors should lead to a gradual improvement in the coming months.Integra Realty Resources says that most real estate industries are still recovering from the recession, and unemployment and financing issues are still causing lingering issues.
"Economic forecasts predict that the U.S. economy should slowly begin adding jobs towards the end of 2011, which will play a major role in real estate. While the level of growth expected is modest/minimal, we anticipate slight improvements in certain corresponding sectors, such as vacancy rates for office, industrial and retail properties in the coming year," said Jeffrey Rogers, president of Integra.
Looking specifically at the Houston real estate market, the report said that local vacancies in both retail and multifamily properties are among the highest in the country, but should see improvements in 2011. Houston was also cited as one of the centers of the green building movement.
The growth of green development is expected to accelerate in the coming years. A report from McGraw-Hill found that the value of green building construction should reach $135 billion in 2016.
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