Findings and forecasts presented in The Smith Report provide insight into the commercial real estate industry
DUBLIN, Ohio, Jan. 21 /PRNewswire/ -- Even though economists point to the recession being over, central Ohio business professionals suggest the commercial real estate market has a way to go, according to results from Smith Realty Partners' Central Ohio Commercial Real Estate Survey. In fact, 86.6 percent of those surveyed feel the recession is not over, while 64.9 percent think it will be 18 months or longer before the commercial real estate industry experiences steady growth.
However, the survey findings do point to areas of opportunity. Of the more than 250 business professionals who responded to the December 2009 survey, 33.7 percent think investing in commercial real estate is where the most activity will occur in the market over the next six months followed by activity in the industrial (20.2 percent) and office (19 percent) sectors.
"Investors will continue to get deals in the office and retail segments," said Rick Smith, president, Smith Realty Partners. "As more and more properties go into receivership, investors will have many opportunities."
Complete findings and forecasts from business leaders representing research, commercial property evaluation and counseling, economics, banking, and commercial real estate, are found in The Smith Report, a publication of Smith Realty Partners that provides information and insight into the commercial real estate industry.
The Smith Report suggests business will continue to be tough for commercial owners citing high unemployment rate, an increase in vacancies, and a decrease in sales activity among several challenges adding to the stress among this demographic. However, while the pending economic recovery will help everybody, it will help the office market more than any other commercial real estate sector, according to Bill LaFayette, Ph.D., vice president of economic analysis, Columbus Chamber.
"We're (the economists on the Columbus Chamber's Blue Chip Economic Forecast panel) expecting professional and business services to have a 2.7 percent increase in employment (4,100 jobs in the eight-county Columbus Metropolitan Statistical Area, or MSA), which translates into a demand for office space," he said. He advised the commercial real estate industry to "keep an eye on office-using employment -- business and professional services, medical/healthcare and financial services."
To download The Smith Report, or for information on Smith Realty Partners, visit www.smithrealtypartners.com.
SOURCE Smith Realty Partners, LLC