As per the reports, the figure of total transaction revenue is supposed to rise to about $216 billion within 2013. This is supposed to be much higher than that of $180 billion of 2012, and also the $115 billion of 2010. One factor leading to this could include the increase in the number of jobs in comparison to the after situation during and after the recession.
It is not only the figures and the expansion that is going through a positive phase, the number of the distressed properties with regards to commercial real estate were seen to have lowered by quite a high amount. This report was released by the Delta Associates in the month of January.
Furthermore, according to Peter Roberts, the chief executive officer of the Americas division of Jones Lang LaSalle, as a result of the spike in hiring in different locations and areas like those of Silicon Valley and also some of the well known metropolitan states like that of Texas, the rents are supposed to increase significantly.
What this Means for Commercial Real Estate
This means consumers and sellers of commercial real estate can begin to feel some relief. An industry that has seen itself on-edge for the past couple years, is starting to come back around to prosperity. Have you been holding out on purchasing or leasing that perfect commercial space just because the market is strung out? Your time to buy is fast approaching, and for some, may already be here!
Scott Reiff is a Commercial Real Estate Agent located in the Prudential Verani, Londonderry office, and serving southern New Hampshire’s commercial needs. Scott is e-Certified, and has been recognized as a recipient of 3 prestigious Prudential awards including: The President’s Circle, the Leading Edge Society, and The Top of the Rock. To contact Scott, or to find information about his listings/coverage area, visit his agent page.