The National Association of Realtors (NAR) reports vacancy-rate improvement across all commercial real estate sectors, although a majority of office and industrial tenants continue to enjoy concessions and discounts, and construction forecasts remain poor. NAR analysts predict vacancy rates will continue to shrink in 2012, which arguably translates to better market performance. More rent increases in the multifamily housing sector would appear to bear this out and areas experiencing the lowest vacancy (and therefore higher apartment rents) include New York City, Minneapolis, Portland, Oregon, and San Jose, California. For more on this continue reading the following article from Property Wire.
All of the major commercial real estate sectors in the US are seeing improved fundamentals, but multifamily housing is becoming a landlord’s market commanding bigger rent increases, the latest Commercial Real Estate Market Survey from the National Association of Realtors shows.
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