Commercial real estate firms across the country are publishing their 2012 economic outlooks. Surprisingly, there’s plenty of optimism in these reports.
By all accounts, the commercial real estate markets across the Midwest should be healthier this year.
The latest report confirming this comes from Cassidy Turley, which earlier this month hosted its State of Real Estate event at Clowes Memorial Hall on the campus of Butler University in Indianapolis.
Jeffrey Henry, regional managing principal with Cassidy Turley, said that Indiana’s commercial real estate market seems poised for a solid 2012.
“Although the many national and international challenges of the past year hampered growth, Indiana’s commercial property markets proved to be remarkably resilient as every segment of commercial real estate demonstrated strengthening fundamentals,” Henry said of the market’s performance last year.
Cassidy Turley research director Jason Tolliver brought good news, too.
“Commercial real estate is improving,” Tollivers said. “The economy has made the difficult transition to a private-sector-led recovery, hiring is up in the demand drivers of commercial real estate, the manufacturing sector is expanding and retail sales have recovered from their bottom.”
Segments experiencing positive growth trends over consecutive quarters were multi-family (10 quarters), industrial (five quarters), and office (three quarters). Even the retail segment is now trending positive. Vacancy rates are decreasing in many of these markets, rent rates are stabilizing and some new development is occurring in multi-family .
To access the entire Cassidy Turley Indianapolis, Indiana 2012 Annual Market Report visit www.cassidyturleyreport.com.