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Commercial Real Estate Improving In First Quarter Part 1
As stated by one of the United State's top commercial real estate experts, the commercial real estate market is improving, but just at a slower pace than usual. Even despite a recent change in the economy, along with an increase in job growth, the commercial fundamentals are still improving, just at a moderate pace in comparison to a year prior. Real Estate expert Lawrence Yun, the National Association of Realtors chief economist also stated, "Office demand is expected to see only slow and gradual improvement. Demand for retail space is benefiting from improved household wealth, while industrial real estate is stable with increasing international trade, which requires warehouse space. Of course, the apartment market fundamentals are the strongest, as nearly all of the new household formation in the past 10 years has come from renters, and not homeowners."
On a good note to the changes in our market, the national vacancy rates are predicted to diminish approximately .2 percent in office space, .1 percent in industrial and .3 percent in retail real estate. As new apartment construction projects are well under way, the multifamily vacancy rate is looking to increase .1 percent in comparison to the other sectors. With that being ... more

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