Commercial Real Estate Turnaround Likely Next Year

West Palm Beach, Florida - We have some Commercial Real Estate News for today.
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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Florida Existing-Home Sales

West Palm Beach Homes are continuing to sell. News is that existing-home sales remained at elevated levels in May on buyer response to the tax credit. Most Florida real estate consultants characterized this by seeing stabilizing home prices and historically low mortgage interest rates. Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady.

Existing-home sales, which are completed transactions that include single-family homes, townhomes, and condominiums were at a seasonally adjusted annual rate of 5.66 million units in May. That is down 2.2 percent from an upwardly revised surge of 5.79 million units in April. May closings are 19.2 percent above the 4.75 million-unit level in May 2009; April sales were revised to show an 8.0 percent monthly gain.

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