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Is Commercial Real Estate The Main Factor In The Economy?
Nothing in the United States seems to demonstrate how well the economy is doing quite as much as Commercial Real Estate. With prices rising almost daily and office construction booming, we are seeing key indicators that the US economy is growing and fast. "Office buildings are the ecosystem in which American business lives,” said Daniel Geiger of Craind's New York Business.
Recently, the CoStar Group who are known for their real estate market statistics, denoted that commercial real estate makes up approximately $12 trillion of the United States economy. A few years back when the financial crisis hit America very hard, the value on commercial properties dropped 25 percent as multiple businesses closed down or left their office space entirely. In the previous year though, we have seen an increase in demand for business offices as the market not to so subtly strengthens. The large cities known for their commercial real estate, New York, Houston, Boston, Minneapolis, Phoenix and Seattle are all rising back from the ashes fast as prices are sky rocketing.
What may come as a very shocking statistic to most real estate fans is that our beloved Manhattan has increased their commercial property prices nearly 60 percent ... more

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