US DATA: Natl Assoc Realtors says “Commercial real estate vacancy
rates are flat and projections for growth have been moderated because
economic growth and job creation have been weaker than expected, but
modest improvements are expected over the coming year… Disappointing
economic growth in recent months means a slower recovery for most of the
commercial real estate sectors, although multifamily housing continues
to benefit from pent-up demand resulting from an abnormal slowdown in
household formation in recent years.” NAR forecasts vacancies to decline
0.3 percentage point in the office sector, 0.6 point in industrial real
estate, 0.7 point in the retail sector and 0.9 percentage point in the
multifamily rental market. The Society of Industrial and Office Realtors
in its SIOR Commercial Real Estate Index, an attitudinal survey of 266
local market experts, shows an erosion in market conditions. All
regions posted declines except the West.