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Economy On The Up, Say US Firms

CANNES-2003 should see an improved economy according to nearly three-quarters of US commercial real estate firms recently polled in 50 North American markets by CORFAC International. Leading the charge will be the industrial sector

By Charlie Jacoby | Updated on March 04, 2003

CANNES-Members of real estate professionals organisation CORFAC International in both the United States and Canada say that the industrial sector will continue to lead the recovery of commercial real estate. They also believe the real estate market will improve during this year.

Robert Porter Jr, President of CORFAC International, said: ‘Our market analysis reveals that in the eyes of our professionals in the commercial real estate industry the cup is half full and half empty in 2003. While the consensus is that the overall industry will eventually rebound in 2003, the recovery will be slow and tempered.’

Half of respondents of the survey felt that business within the commercial real estate industry would experience moderate growth in 2003 with another 40% believing that things will remain the same. The remaining 10% either forecast huge growth or negative effects. When asked about the timing of a potential recovery, the vast majority believed that it would take place in the third and fourth quarters of 2003.

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