nar predicts positive trends in commercial real estate

NAR PREDICTS POSITIVE TRENDS IN COMMERCIAL REAL ESTATEBy Legacy Investment and Management

• The National Association of Realtors (NAR) expects the commercial real estate market to post improvements in the near future, according to industry watchers. Underlying demand for commercial space appears to be growing as vacancy rates trend downward.

• NAR predicts that office vacancy rates should inch downward from 16.3 percent to 16 percent by the second quarter of 2013. At the same time, rents could increase by 4.5 percent over 2012 and 2013. At 9.3 percent, Washington, D.C., currently has the lowest office vacancy rates in the country.

• Vacancies in the retail real estate market should also decline in the next 12 months. Currently, a number of cities are posting very low vacancy rates. They include: San Francisco, with a 3.7 percent retail vacancy rate; Long Island, New York, with a 5 percent retail vacancy rate; and Fairfield County in Connecticut, with a retail vacancy rate of just 4 percent.

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