New Commercial Real Estate Market Survey For July 2013: Looking Good
What’s in the new NAR Commercial Real Estate Quarterly Market Survey? Charts, graphs and great news about 2013’s second quarter.
NAR Commercial’s latest quarterly collection of data from commercial REALTORS® is in, the tabulation is done, the pivot tables are set in stone and the temperature has been taken of the national CRE market. Lots of good news this time around: here are the highlights.
- Space brokers are brokering more space: leasing activity is rock-solid, with a 5% rise from 1Q 2013
- Commissions are flowing more freely: sales volume took a double-digit jump.
- Six out of ten REALTORS reported completing a sales transaction in 2Q 2013.
- Not just more commissions: juicier ones: prices rose 2.3% year-over-year
- Landlord reps rejoice: rent concessions are down as vacancies also fall. 4% fewer rent concessions were reported than last quarter.
The downside: credit remains tight, inventory’s tight in all sectors and buyers and sellers face significant pricing gaps between each other.
As downsides go, we’ve all seen worse. After all, if not for pricing gaps, the devastating charm and negotiation acumen of our industry’s commercial property professionals would just go to waste, no?