Commercial real estate has taken a big hit this year. With businesses going under, and empty spaces for sale and for rent, there is a low turnover rate as opposed to what it used to be. Commercial realtors have taken significant cuts to commission as a result, and for many it has taken longer than normal for deals to come to fruition. Commercial sales were never quick, but now they are moving slower than ever.
The National Association of Realtors (NAR) seems to think that there is some modest comeback for commercial real estate in 2011, but only time will tell. There is no certainty with anything, but right now more than ever than are questions being asked. Leasing will probably be where it’s at with so many business owners being reluctant to buy, and leases have been more than negotiable.
When new businesses open, that means commercial real estate will change for the better, but how soon this will happen we aren’t sure. More businesses opening means more jobs, and with more jobs comes a more stable environment. We are all looking for a change, and we just hope that it’s coming soon.
-Mayer Dallal
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment