With plummeting rents and market values the lasting impression of 2009, many industry analysts welcome this news with a much-needed sigh of relief. Nearly every commercial real estate market across the country, including the So. C al commercial real estate market, has seen commercial real estate values take a tumble and commercial real estate sales fall flat.
Forecasters expect a turn-around once the market bottoms out, as many cash-rich investors seem to be waiting along the sidelines for the last of the foreclosures, loan workouts and defaults to hit the market by then. In other words, there are some investors with very fat wallets just waiting to jump in on one-in-a-lifetime opportunities when it comes to commercial real estate.
In addition to the purchase of Los Angeles commercial real estate, leasing activity is expected to increase, as well, thanks to dropping lease prices.
Some of the industry groups that show this rebound in 2010 include: the Real Estate Roundtable, the MIT Center for Real Estate, the National Multi-Housing Council, Pricewaterhouse Coppers and the Urban Land Institute.
The bottom line is that, amidst all of the doom and gloom of 2009, 2010 is expected to bring some great opportunities.
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