I've read several articles this week regarding the Commercial Real Estate Market and the overall economic status here in the US. In an article from the Associated Press published six days ago, despite the weather challenges this past month, "slow improvements are expected". However, the NAR chief economist, Lawrence Yun, stated that "due to the lingering impact from deep recession over the past two years, vacancy rates will trend higher and many commercial property owners will need to make rent concessions." Read the full statement here:
(http://www.realtor.org/press_room/news_releases/2010/02/commercial_recovery) As we attempt to re-assemble our "house of economic cards", we must keep in mind that we will probably see a turnaround closer to the 2011, due to several factors including the job market still stuck in first gear. According to the Daily Local News for the Philly area (http://www.dailylocal.com/articles/2010/03/02/business/doc4b8cfc438ea9d161074817.txt) office vacancies reached 11.5 for 4th Qtr 2009, while the national average graced 13.2 percent. (Data provided by CoStar). Retail vacancies reached 7.9 percent in Chester County and rates have significantly decreased. Optimum retail space and Class A Office Space have become more "accessible" by all because of this. If you are looking for office or retail space for your company, please take a moment to browse our listings at: http://www.beilercampbellcommercial.com/properties
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