RISMedia
Commercial real estate is on solid footing, with the National Association of REALTORS®’ (NAR) quarterly commercial forecast projecting continued stability in 2017. National vacancy rates in the office sector are set to decrease to 12.1 percent, while those in the industrial space and retail sectors are set to decrease to 7.1 percent and 11.2 percent, in order. The national vacancy rate in the multifamily sector is set to stand at 6.5 percent.
“Last year was the 11th year in a row of subpar GDP growth, but renewed corporate optimism leading to a focus on investment and a desperately needed boost in residential construction should pave the way for modest expansion this year of around 2.4 percent,” says Lawrence Yun, NAR chief economist. “Steady hiring and low local unemployment levels are finally supporting higher wages and increased spending, which in turn bodes well for sustained demand for all commercial property types.”
