Commercial Real Estate Forecast -National

by Cindy Spivak, (a commercial real estate coach who I respect)
With the first quarter of 2010 behind us and the improving health of all major economies across the globe - things are looking up! US growth is finally trending up again and capital markets are beginning to wake up and participate.

• Industrial - The industrial market appears to have bottomed out and a recovery is expected to be in full swing the second half of this year. In fact a few markets across the US have already begun to trend back up. Rents are expected to increase again in 2011.
• Office - The office market is expected to begin its recovery mid-year as well although much of it will depend upon job growth.
• Retail - Retail development has slowed considerably however neighborhood and community centers are starting to fill up again.
• Multifamily - Multifamily demand will supersede supply in 2011 with shortages continuing through 2014 due to a downward trend in home ownership.

This from the Puget Sound Business Examiner:

Northwest MLS brokers say housing market in recovery

Northwest Multiple Listing Service members reported strong gains in home sales during February, with brokers pointing to several encouraging signs for a busy spring season.

Improving consumer confidence and a looming deadline for homebuyer tax credits are helping to boost activity, according to NWMLS officials.
Pending sales (offers made and accepted, but not yet closed) jumped nearly 45 percent last month compared to a year ago, marking the 11th straight month of month-over-month increases. Closed sales also outperformed year-ago totals, rising 33.5 percent. Members tallied 3,214 completed transactions last month, up from the 2,407 closed sales for February 2009.

Prices, while showing signs of stabilizing, still lagged year-ago figures. Areawide, the median price for last month's closed sales of single family homes and condominiums (combined) was $260,000, down about 6.5 percent from a year ago.

The median price in Pierce County was $217,800. In Mason County it was $145,000 and in Lewis County it was $126,900. The median price in Thurston County was $232,995.

Dick Beeson, broker/owner of Windermere Real Estate/Commencement Associates in Tacoma, attributed the lift in activity to lower prices and a hopeful jobs picture. He said the price point of new listings in some areas is 10 to 15 percent lower than the asking price of new listings added at this time a year ago, which is opening up opportunities for more buyers.