NAR Outlook Predicts Apartment Vacancy Decline Digested From "Commercial Real Estate Forecasted to Improve"
Realty Times (04/12/12) by Carla Hill
Fundamentals are improving across the commercial property industry, according to the most recent quarterly outlook from the National Association of Realtors. "Sustained job creation is benefiting commercial real estate sectors by increasing demand for space," explains NAR chief economist Lawrence Yun. The group expects vacancies to shrink even more over the next year, by 0.4 percent in the office segment and 0.8 percent in the industrial market. The vacancy rate for multifamily housing, meanwhile, is slated to fall by 0.2 percent this year, leading to continued rent increases. "The tight apartment market should encourage more apartment construction," Yun noted.
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