"In general, the real estate industry is expected to remain reasonably healthy, but it will lag behind the economy's recovery because there have been some substantial increases in the vacancy rates of office properties," ULI vice president of trends and analysis Dean Schwanke tells GlobeSt.com. "The office sector is a big part of commercial real estate." Schwanke adds that it will probably take several years for the office sector to get back to a reasonable vacancy rate, but the apartment, industrial and even the hard-hit hotel sectors will likely snap back in 2003. "The office market will improve as well, but the substantial vacancies will remain," he says. "And the retail sector will keep moving along; not doing particularly well or particularly poorly."
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