With the national unemployment rate at its highest point since the early 1990s, expect the recession to be harder on commercial real estate fundamentals than during previous downturns, according to Boston-based Property & Portfolio Research Inc (PPR). After a transitional year in 2010, demand will begin to rebound for apartment, warehouse and retail properties. However, the office demand recovery will straggle behind that of the other property types as employment growth lags behind gross domestic product growth, and will not post gains until 2011, according to PPR.
Office, apartment, warehouse vacancies to hit historic highs Anonymous Mortgage Banking; Mar 2009; 69, 6; Docstoc pg. 88 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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