Executive Search Firm News - Commercial Real Estate Market Growth

Commercial Real Estate Market Growth

Record investment is spurring continuing growth in the commercial real estate market, which is also enjoying tighter vacancy rates and higher rents in some sectors, according to the National Association of Realtors.

“The office and industrial markets continue to shine, supported by job growth and trade, while the rental apartment sector is seeing healthy rent increases,” said David Lereah, chief economist for the NAR, citing the recently released study. “The retail sector is essentially flat, but the hotel industry is doing better than at any time since 2001.”

The “Commercial Real Estate Outlook” analyzed quarterly date in the office, industrial, retail, multifamily and hospitality sectors.

“We’re setting another record this year for investment in commercial real estate,” said James Marrelli, NAR vice president of commercial real estate. “Institutional investors, pension funds and foreign investors have focused on commercial-grade properties to diversify portfolio assets, with expectations of solid long-term gains.”

Key findings of the report indicate that:

• More than $236 billion in commercial real estate transaction volume was recorded in the first 10 months of 2006 (this does not include the hotel sector or properties valued under $5 million)
• Office vacancy rates are projected to drop 12.1 percent in the four quarter of 2007
• Annual office rent growth is expected to be 5.2 percent, up from 2006’s average of 4.3 percent
• Vacancy rates in the industrial sector are expected to drop .5 percent from 2006’s 9.5 percent by the fourth quarter of 2007
• Retail sector vacancy rates should hold at 8.1 percent through 2007
• Average retail rent is projected to grow 1.2 percent in 2007
• In the multifamily market, vacancy rates will average 5.4 percent in 2007’s fourth quarter, which is the same rate for the end of 2006
• Hotel occupancies are seen to average 68.2 percent in 2007, up from 67.6 percent this year.

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