Commercial Market Making a Comeback: A Note from the President

A note from the President, Tom Salomone

I’m honored to continue what my predecessors started in writing this column. I look forward to sharing my thoughts on our association, the industry we support, and the members who collectively make NAR such a strong organization.

The theme of my presidency is “...And Then Some.” To me, it means going that extra mile...for our families, our communities, our associations, our industry, and the clients and customers we serve. I am a big advocate for getting involved at the local, state, and national levels. Participation by commercial real estate professionals like yourself helps shape development in your market and infl uence NAR’s position in the industry. I also encourage you to stay vigilant and aware of real estate issues NAR’s advocacy is focused on as we move into 2016, particularly Like Kind 1031 Exchanges, the Marketplace Fairness Act and Waters of the U.S.

All members, commercial and residential alike, bring tremendous value to NAR. Your work leads to new job creation and businesses that build communities, furthering the economic health of this great nation. NAR aims to help you in all your ventures and wants to serve as a partner in your success. I believe we have some of the best resources available to us as NAR members– including technology, data and research. We’ll better serve our clients by using these tools and information to guide decision making.

As we all know, the commercial and residential real estate markets are intrinsically tied together. New construction occurring often means new business openings and new jobs, strengthening the overall local economy and community. It seems the market is improving across the country, although there are still pockets struggling. In the state of Florida, where I practice, we are still encountering short sales and foreclosures, but overall I see the market improving slowly. To me, the most positive sign in the market right now is the ramp up of new home starts and new construction.

Recent NAR survey data shows lenders are returning to the commercial market. Transactions are up due to an improving employment picture and an easing of credit requirements. Forty-two percent of commercial practitioner respondents in our most recent survey say they’re seeing credit easing, while only 20 percent said they’re seeing stricter conditions. These responses differ greatly from the past few years, when virtually all respondents reported greater difficulties in obtaining credit. That’s an encouraging sign.

We are one in our association and your involvement is crucial for our continued success and the continued success of the entire real estate industry. Thank you for being a member of NAR. Th ank you for doing all that’s expected of you... And Then Some!!!

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