Lord recently returned from meeting with his colleagues from around the country at the Winter Conference of the Corporate Facility Advisors-Corfac International in San Diego. Friedman serves as the Corfac partner firm for commercial real estate in the Detroit market.
Corfac International's 2004 Commercial Real Estate Market Survey, based on data from 60 North American markets and released at the conference, predicts:
• Rental rates remaining at equilibrium.
• Vacancies lower in all sectors.
• Overall conditions improving in the second-quarter.
The lack of employment as the greatest obstacle facing the recovery. That's a factor that is likely to be key in the Detroit market. Employment here, especially in the Motor City's all-important manufacturing sector, is lagging well behind national averages. "Most of our partner firms report conditions are improving in their local markets," Lord adds. "Because our partner firms represent a real cross-section of primary and secondary markets, this indicates the recovery should touch all parts of the country sometime in 2004."
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