While many people only deal with real estate when they buy and sell their homes, commercial real estate has a huge impact on the national economy. According to the National Association of REALTORS®, things are improving for commercial real estate and expected to stay that course throughout the year. According to NAR’s quarterly commercial real estate forecast, demand for commercial real estate is on the rise and vacancy rates for commercial space are falling, especially for retail (expected to be down 0.4 percent through the year) and industrial properties (expected to be down 0.3 percent). While this is generally good news, the growth is slow and there are still some possible speed bumps that could spring up and hamper this progress, such as global economy weakness, overseas economic sluggishness and the strengthening of the U.S. dollar.
Review NAR’s latest Commercial Real Estate Outlook and news release. Talk to a REALTOR® in your area to see how commercial real estate is faring in your community. Find a commercial property owner to see how they are feeling about the commercial market for 2015.