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Uncertainty Hinders Real Estate Outlook

GAINESVILLE, FL-A University of Florida survey indicates recovery may take longer.

By Carl Cronan | Updated on November 03, 2009

GAINESVILLE, FL-Uncertainty continues to plague Florida’s real estate outlook, with high unemployment and home foreclosures bogging down the possibility of a quick rebound. Those are the findings of the latest quarterly survey of industry professionals conducted by the University of Florida’s Bergstrom Center for Real Estate Studies.

“Most economists think the recession is over, but people are afraid to spend money as unemployment keeps going up, which creates problems for every sector of the real estate market,” says Tim Becker, director of the Gainesville-based center. “Florida was the first one into the recession and it’s probably going to be the last one out.”

The survey shows that commercial real estate is the weakest sector of the economy, with no improvement expected until the job market turns around, Becker says. Struggling retailers are asking landlords for rent abatements and are deciding not to renew leases or closing stores outright, he says, though discounters appear to be weathering the tough times.

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