Many of our South Florida readers who are familiar with previous posts here have seen plenty of good news regarding the residential real estate market in the area. Despite the continuing malaise of the housing market throughout much of the country, with a recovery only coming at a snail’s pace, the market in South Florida has been hot for months and is only getting hotter. Well, on the heels of all of that good news regarding the residential real estate market, a report has been issued recently which predicted that the commercial real estate market will continue to improve as well.
The Emerging Trends in Real Estate report is based on the survey results taken from a variety of professionals involved in the buying, selling and financing of office buildings, industrial property, warehouses and retail facilities. Although the resulting report does not predict a sharp improvement for commercial property, the going belief is that the market in this area of real estate will continue to improve.
One thing about the report which is important to note, however, is that the prediction applied to the commercial real estate market of the country as a whole. It did not include regionally specific predictions, such as for the South Florida area.
But again, anyone familiar with our previous posts has seen the reports of vastly increased and improved numbers for the South Florida market overall. And, with increased purchases of residential real estate, including both single-family homes and condos, an increase in the commercial real estate numbers for the South Florida area can probably be expected as well. That is, as long as the trend of the South Florida area leading the national real estate market recovery continues.
Source: Los Angeles Times, “Commercial real estate recovery will continue, report says,” Roger Vincent, Oct. 21, 2012