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NOV
12
Report: Commercial Real Estate to Bottom in 2010
By John Askins



Commercial real estate is in for some tough sledding in the short term, but it’s likely to hit bottom by the end of 2010, according to a survey of investors, developers, lenders and other industry observers.

The 2010 version of Emerging Trends in Real Estate, released by PricewaterhouseCoopers and the Urban Land Institute, predicts that commercial real estate values will decline an average of 40 percent from their peak in 2007. The survey called this fall the worst commercial decline since the Great Depression and said it would overshadow the 1990s savings-and-loan crisis.

Retail and office properties are likely to be hardest hit, while the apartment sector will benefit from the decline in the residential real estate sector.

Cities where conditions are likely to improve first include Washington, D.C., San Francisco, Boston, and New York.

To potential developers of new projects, the survey says “no way.” "You can close up shop, hit the links," the report said. "Forget about construction financing – that's a pipe dream."

Source: Reuters News
Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

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John Askins

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Welcome to Royce Realty, your source for Houston and Texas real estate. If you own property that you are thinking of selling I would be happy to provide you with a FREE Home Evaluation. If you are buyer, in this competitive real estate market, timing is everything. Many good homes are sold before...
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