Vacancies are still increasing in many parts of the U.S. and new commercial construction will be sparse this year, Kermit Baker, chief economist for the American Institute of Architects said Wednesday.
It is apparent that there are a number of factors at play that are contributing to one of the steepest construction downturns in in over 50 years.
Many businesses are nervous about expanding their facilities, a fragile financial sector, excess commercial space, and general unease in the international economy. It would have to help if this administration was more pro-business to help ease fears.
Some economists are predicting a demand for retail, hotels, healthcare, and recreation facilities could result in a turnaround for Commercial Real Estate, in 2011.
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