Survey Shows Big Recovery for Real Estate in Q2

ARLINGTON, VA-A new survey released by CORFAC International, the member network of independent real estate firms and affiliates, revealed that the commercial real estate market is headed for a big recovery beginning in the second quarter of 2004. “Most of our membership reports conditions are improving in their local markets,” CORFAC president and Voit Commercial Brokerage/CORFAC International senior vice president John Owen explains of the results from the organization’s 2004 Commercial Real estate Market Survey. “Because our members represent a real cross section of primary and secondary markets, this survey indicates the recovery should touch all parts of the country sometime in 2004.”

The poll–which involved member firms from 60 markets across the US, as well as in Canada and Mexico–concludes that the overall improvement will be driven by the industrial and sales sectors, and that Spring will bring lower vacancies for all commercial properties. Rental rates are expected to remain constant, and unemployment, though seemingly headed for positive change, will continue to be a challenge for the industry. While the second quarter is expected to bring good things, Owen maintains that the road to a full recovery will not be without its bumps.