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NAR Sees Gloomy 2010, Better News in 2011

According to new research from the National Association of Realtors, the U.S. commercial real estate recovery looks set to be on hold until at least early 2011. Here’s the full text from the NAR:

WASHINGTON, DC -- 02/23/10 -- Although the economy has been growing lately, fallout from the recent recession continued to negatively impact commercial real estate sectors in the fourth quarter, but there is hope for some improvement next year, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said commercial real estate almost always lags the economy. "Because of the lingering impact from the deep recession over the past two years, vacancy rates will trend higher and many commercial property owners will need to make rent concessions," he said.

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