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Commercial real estate survey provides hope for the industry in the second half of 2001

ARLINGTON, Va. – Corporate Facility Advisors (CORFAC), an Arlington, Va.-based network of commercial real estate service companies in top markets nationally and worldwide, is projecting a slowdown in leasing and sales activity for the rest of the year. However, CORFAC also expects big opportunities in some regional markets and industry sectors.

Boyd Page Real Estate Services, Houston, reported that retail transactions look strong for the third quarter. President Christopher Kinum said sales for the company are up 60% over 2000. Lease and sale transactions were also up by 14% in Central Florida. Realvest, based in Maitland, Fla., projects a 12% transaction increase this year over 2000.

In Denver, office and industrial leases are slowing, and vacancy rates could climb into the teens by the end of the year. Class-A office space is staying steady, and Class-B space has stabilized after a 5%-10% drop. In Nashville, Mission Property Co. expects its volume to increase during the second half of the year.

Washington, D.C.’s Donohoe Real Estate Services Inc. reported a 21% increase in first quarter leasing and sales transactions over last year, and expects investment to be profitable. However, the company predicts a slowdown in office leases.

Detroit-based Friedman Real Estate Group Inc. experienced a 30% increase in first quarter transactions over last year. The company expects to maintain last year’s growth for the remainder of the year, rather than exceed last year’s numbers. Michael B. Jacobus from Passaic, N.J.-based McBride Corporate Real Estate Inc. said his company is maintaining first quarter successes into the second quarter despite increased competition. Jacobus has urged his sales executives to take that long-awaited, long vacation during this “breather” in the economy, which follows eight years of dynamic growth.

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