Demand grows for commercial real estate

Increase in business spending to fuel need for space

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An increase in business confidence and sustained economic growth brighten the prospects for commercial real estate, according to a forecast presented at a commercial real estate forum at the National Association of Realtors Midyear Legislative Meetings & Trade Expo. Nearly 8,000 Realtors and guests are attending the May 10-15 meetings. David Lereah, NAR's chief economist, said many other indicators point to a commercial market recovery. "Durable goods orders have been trending up, manufacturers are hiring again and payroll data is on the rise," he said. "Business spending will continue to grow and that will directly feed into a rising demand for commercial real estate space." The overall commercial real estate market should experience positive net absorption of space this year, which includes leasing of new space coming on the market, as well as space in existing properties. The NAR analysis of the office, retail, warehouse and multifamily markets is produced with data provided ...