Commercial Market Continues Recovery, Says NAR Chief Economist
While the commercial market still faces its share of challenges, Realtors® specializing in commercial real estate expressed confidence in the marked improvement seen in the market over the last year at a commercial economic issues and trends forum at the REALTORS® Legislative Meetings & Trade Expo.
National Association of Realtors® Chief Economist Lawrence Yun led a panel discussion about the forces shaping commercial real estate markets. The panelists agreed that the market has improved and expressed confidence that continued recovery in the economy will drive commercial real estate growth.
“Commercial real estate usually recovers two years behind the economy; however, NAR members who practice commercial real estate are seeing a three-to-four year wait,” said Yun. “It has been a long and slow recovery, but it is happening.”