According to the National Association of Realtors quarterly commercial real estate forecast, fundamentals are gradually improving in all of the major commercial real estate sectors. The findings also are bolstered in NAR’s recent quarterly Commercial Real Estate Market Survey, which collects data from members about market activity.
Vacancy rates in the office sector are projected to fall from 16.3% in the second quarter of this year to 16.0% in the second quarter of 2013.
Industrial vacancy rates are likely to decline from 11.0% in the current quarter to 10.7% in the second quarter of 2013.
Retail vacancy rates are forecast to decline from 11.3% in the second quarter to 10.7% in the second quarter of 2013.
The apartment rental market - multifamily housing - is likely to see vacancy rates drop from 4.5% in the second quarter to 4.3% in the second quarter of 2013; apartment vacancy rates below 5% generally are considered a landlord’s market with demand justifying higher rents.