Demand for Commercial Property Will Increase

WASHINGTON, DC-While a handful of commercial real estate markets around the country–Orange County, CA and Washington, DC, to name a couple–have been able to thrive and keep vacancies down to an acceptable level throughout the lackluster economy, most markets have not been so fortunate, but things are about to take a turn for the better. In its Commercial Real Estate Quarterly, the National Association of Realtors has revealed that the call for space ranging from office to multifamily is going to increase this year and next year.

NAR’s study covered 54 metropolitan markets across the country, surveying office, retail, warehouse and multifamily sectors. The news is good on all fronts, and the slow but sure turnaround in the economy and the increase in job creation are responsible. “We could see an average of 210,000 to 240,000 new jobs per month over the next two years, which will create additional demand for commercial real estate,” NAR chief economist David Lereah notes.